Terms Used In Utah Code > Title 48 > Chapter 5 > Part 2 - Formation

• Administrator: means a person that is appointed in a manner specified in the by-laws to make decisions for specific, predefined operations of the decentralized autonomous organization. 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
• 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
• Dispute resolution mechanism: includes :
            (8)(b)(i) arbitration;
            (8)(b)(ii) expert determination; or
            (8)(b)(iii) an on-chain alternative court system. See Utah Code 48-5-101
• Division: means the Division of Corporations and Commercial Code. See Utah Code 48-5-101
• 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.
• Graphical user interface: means a publicly accessible interface through which a person interacts with computer software through visual indicator representations. See Utah Code 48-5-101
• Legal representative: means an individual appointed in the manner specified in the by-laws of a decentralized autonomous organization to perform procedural functions off-chain on behalf of a decentralized autonomous organization. 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
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• On-chain: means any action that is recorded and verified on a blockchain. See Utah Code 48-5-101
• Organizer: means a person that submits the certificate of filing as required in Section 48-5-201. See Utah Code 48-5-101
• 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 address: means a unique, durable identifier that an individual can transact with on a permissionless blockchain. See Utah Code 48-5-101
• 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
• Redeem: means to exchange a token for the value that the token represents. See Utah Code 48-5-101
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.