As used in this chapter, unless the context otherwise requires:
 1. “Improper means” means theft, bribery, misrepresentation, breach or inducement of a breach of a duty to maintain secrecy, or espionage, including but not limited to espionage through an electronic device.

Terms Used In Iowa Code 550.2

  • Electronic: means the same as defined in section 554D. See Iowa Code 554E.1
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Improper means: means theft, bribery, misrepresentation, breach or inducement of a breach of a duty to maintain secrecy, or espionage, including but not limited to espionage through an electronic device. See Iowa Code 550.2
  • knowledge: means that a person has actual knowledge of information or a circumstance or that the person has reason to know of the information or circumstance. See Iowa Code 550.2
  • person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
  • Trade secret: means information, including but not limited to a formula, pattern, compilation, program, device, method, technique, or process that is both of the following:
 2. “Knows” or “knowledge” means that a person has actual knowledge of information or a circumstance or that the person has reason to know of the information or circumstance.
 3. “Misappropriation” means doing any of the following:

 a. Acquisition of a trade secret by a person who knows that the trade secret is acquired by improper means.
 b. Disclosure or use of a trade secret by a person who uses improper means to acquire the trade secret.
 c. Disclosure or use of a trade secret by a person who at the time of disclosure or use, knows that the trade secret is derived from or through a person who had utilized improper means to acquire the trade secret.
 d. Disclosure or use of a trade secret by a person who at the time of disclosure or use knows that the trade secret is acquired under circumstances giving rise to a duty to maintain its secrecy or limit its use.
 e. Disclosure or use of a trade secret by a person who at the time of disclosure or use knows that the trade secret is derived from or through a person who owes a duty to maintain the trade secret’s secrecy or limit its use.
 f. Disclosure or use of a trade secret by a person who, before a material change in the person’s position, knows that the information is a trade secret and that the trade secret has been acquired by accident or mistake.
 4. “Trade secret” means information, including but not limited to a formula, pattern, compilation, program, device, method, technique, or process that is both of the following:

 a. Derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by a person able to obtain economic value from its disclosure or use.
 b. Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.