Iowa Code 554E.3 – Legal effect of distributed ledger technology and smart contract
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 554E.3
- Contract: A legal written agreement that becomes binding when signed.
- 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
- 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
- Signature: includes an electronic signature as defined in section 554D. See Iowa Code 4.1
554E.3 Legal effect of distributed ledger technology and smart contract.
1. A record, signature, or contract shall not be denied legal effect or enforceability solely
because it is created, generated, sent, signed, adopted, communicated, received, recorded, or stored by means of distributed ledger technology or a smart contract.
2. A contract shall not be denied legal effect or enforceability solely because of any of the following:
a. The contract contains a smart contract term.
b. An electronic record, distributed ledger technology, or a smart contract was used in the formation of the contract.
3. Notwithstanding any other law to the contrary, a person using distributed ledger technology in the course of engaging in or affecting intrastate commerce, interstate commerce, or foreign commerce to secure information that the person owns or has the right to use retains the same rights of ownership or use with respect to such information as before the person secured the information using distributed ledger technology. This subsection does not apply to the use of distributed ledger technology to secure information in connection with a transaction to the extent that the terms of the transaction expressly provide for the transfer of rights of ownership or use with respect to such information.
2022 Acts, ch 1116, §6
1. A record, signature, or contract shall not be denied legal effect or enforceability solely
because it is created, generated, sent, signed, adopted, communicated, received, recorded, or stored by means of distributed ledger technology or a smart contract.
2. A contract shall not be denied legal effect or enforceability solely because of any of the following:
a. The contract contains a smart contract term.
b. An electronic record, distributed ledger technology, or a smart contract was used in the formation of the contract.
3. Notwithstanding any other law to the contrary, a person using distributed ledger technology in the course of engaging in or affecting intrastate commerce, interstate commerce, or foreign commerce to secure information that the person owns or has the right to use retains the same rights of ownership or use with respect to such information as before the person secured the information using distributed ledger technology. This subsection does not apply to the use of distributed ledger technology to secure information in connection with a transaction to the extent that the terms of the transaction expressly provide for the transfer of rights of ownership or use with respect to such information.
2022 Acts, ch 1116, §6