Iowa Code 638.4 – User direction for disclosure of digital assets
Current as of: 2023 | Check for updates
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1. A user may use an online tool to direct the custodian to disclose to the designated recipient or not to disclose some or all of the user’s digital assets, including the content of electronic communications. If the online tool allows the user to modify or delete a direction at any time, a direction regarding disclosure using an online tool overrides a contrary direction by the user in a will, trust, power of attorney, or other record.
Terms Used In Iowa Code 638.4
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Custodian: means a person that carries, maintains, processes, receives, or stores a digital asset of a user. See Iowa Code 638.2
- Designated recipient: means a person chosen by a user using an online tool to administer digital assets of the user. See Iowa Code 638.2
- Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Iowa Code 638.2
- Online tool: means an electronic service provided by a custodian that allows the user, in an agreement distinct from the terms-of-service agreement between the custodian and user, to provide directions for disclosure or nondisclosure of digital assets to a third person. See Iowa Code 638.2
- Power of attorney: means the same as defined in section 633B. See Iowa Code 638.2
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Iowa Code 638.2
- Terms-of-service agreement: means an agreement that controls the relationship between a user and a custodian. See Iowa Code 638.2
- User: means a person that has an account with a custodian. See Iowa Code 638.2
2. If a user has not used an online tool to give direction under subsection 1, or if the custodian has not provided an online tool, the user may allow or prohibit in a will, trust, power of attorney, or other record, disclosure to a fiduciary of some or all of the user’s digital assets, including the content of electronic communications sent or received by the user.
3. A user’s direction under subsection 1 or 2 overrides a contrary provision in a terms-of-service agreement that does not require the user to act affirmatively and distinctly from the user’s assent to the terms of service.