Terms Used In Utah Code > Title 48 > Chapter 5 > Part 1 - General Provisions

• Asset: means an item of value, whether on-chain or off-chain. See Utah Code 48-5-101
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• By-laws: means the procedural rules and regulations that govern a decentralized autonomous organization and the interaction of the decentralized autonomous organization's members and participants. See Utah Code 48-5-101
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Decentralized: means that decision-making is distributed among multiple persons. See Utah Code 48-5-101
• Decentralized autonomous organization: means an organization:
       (6)(a) created by one or more smart contracts;
       (6)(b) that implements rules enabling individuals to coordinate for decentralized governance of an organization; and
       (6)(c) that is an entity formed under this chapter. See Utah Code 48-5-101
• Division: means the Division of Corporations and Commercial Code. See Utah Code 48-5-101
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Hard fork: means a blockchain software upgrade that is not compatible with previous versions of the blockchain software and requires all users to upgrade to the latest version of the blockchain software. See Utah Code 48-5-101
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Majority chain: means the version of the blockchain accepted by more than half of the blockchain's validators following a hard fork. See Utah Code 48-5-101
• Member: means a person who has governance rights in a decentralized autonomous organization. See Utah Code 48-5-101
• Off-chain: means any action that is not on-chain. See Utah Code 48-5-101
• On-chain: means any action that is recorded and verified on a blockchain. See Utah Code 48-5-101
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Permissionless blockchain: means a publicly distributed ledger that allows a person to transact and produce blocks in accordance with the blockchain protocol, in which the validity of the block is independent of the identity of the user. See Utah Code 48-5-101
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• Public forum: means a freely accessible online environment that is commonly used for the exercise of speech and public debate. See Utah Code 48-5-101
• Quality assurance: means a security review of the software code of the decentralized autonomous organization in accordance with industry standards. See Utah Code 48-5-101
• Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
• Statute: A law passed by a legislature.
• Token: means a record on a permissionless blockchain that represents an asset, participation right, or other entitlement. See Utah Code 48-5-101
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
• Writing: includes :
       (48)(a) printing;
       (48)(b) handwriting; and
       (48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5