Terms Used In Iowa Code > Chapter 554E - Digital Ledger Technology -- Smart Contracts -- Electronic Records

• Account: means the same as defined in section 554. See Iowa Code 554E.1
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Chattel paper: means the same as defined in section 554. See Iowa Code 554E.1
• Contract: A legal written agreement that becomes binding when signed.
• Contract: means the same as defined in section 554D. See Iowa Code 554E.1
• Controllable account: means an account evidenced by a controllable electronic record that provides that the account debtor undertakes to pay a person that under the uniform commercial code has control of the controllable electronic record. See Iowa Code 554E.1
• Controllable electronic record: means an electronic record that can be subjected to control under any applicable article of the uniform commercial code. See Iowa Code 554E.1
• Controllable payment intangible: means a payment intangible evidenced by a controllable electronic record that provides that the account debtor undertakes to pay a person that under any applicable article of the uniform commercial code has control of the controllable electronic record. See Iowa Code 554E.1
• Deposit account: means the same as defined in section 554. See Iowa Code 554E.1
• Digital asset: means any electronic record that represents or evidences economic value or economic, proprietary, or access rights or is used as a medium of exchange, unit of account, method of payment, or store of value. See Iowa Code 554E.1
• Distributed ledger technology: means an electronic ledger or other record of transactions or other data to which all of the following apply:
   a. See Iowa Code 554E.1
• Electronic: means the same as defined in section 554D. See Iowa Code 554E.1
• Electronic chattel paper: means the same as defined in section 554. See Iowa Code 554E.1
• Electronic document of title: means the same as defined in section 554. See Iowa Code 554E.1
• Electronic record: means the same as defined in section 554D. See Iowa Code 554E.1
• Electronic services system: means the county land record information system, or electronic services system, created under the agreement entered into under chapter 28E between the counties and the Iowa county recorders association as required by 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
• Investment property: means the same as defined in section 554. See Iowa Code 554E.1
• Money: means the same as defined in section 554. See Iowa Code 554E.1
• Payment intangible: means the same as defined in section 554. See Iowa Code 554E.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
• property: includes personal and real property. See Iowa Code 4.1
• Record: means the same as defined in section 554D. See Iowa Code 554E.1
• Sale: means any sale, offer for sale, or attempt to sell or lease any land, to the public in this state, for cash or on credit. See Iowa Code 543C.1
• Signature: includes an electronic signature as defined in section 554D. See Iowa Code 4.1
• Smart contract: means an electronic record that is an event-driven program or computerized transaction protocol that runs on a distributed, decentralized, shared, and replicated ledger that executes the term of a contract, including but not limited to, taking custody over and instructing the transfer of assets. See Iowa Code 554E.1
• Transaction: means a sale, trade, exchange, transfer, payment, or conversion of a digital asset or any other property or any other action or set of actions occurring between two or more persons relating to the conduct of business, commercial, or governmental affairs. See Iowa Code 554E.1
• Transferable record: means the same as transferable record defined in the federal Electronic Signatures in Global and National Commerce Act, 15 U. See Iowa Code 554E.1
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}