Terms Used In Tennessee Code > Title 47 > Chapter 10 > Part 2 - Distributed Ledger Technology

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Contract: A legal written agreement that becomes binding when signed.
• Distributed ledger technology: means any distributed ledger protocol and supporting infrastructure, including blockchain, that uses a distributed, decentralized, shared, and replicated ledger, whether it be public or private, permissioned or permissionless, and which may include the use of electronic currencies or electronic tokens as a medium of electronic exchange. See Tennessee Code 47-10-201
• Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
• Smart contract: means an event-driven computer program, that executes on an electronic, distributed, decentralized, shared, and replicated ledger that is used to automate transactions, including, but not limited to, transactions that:
  (A) Take custody over and instruct transfer of assets on that ledger. See Tennessee Code 47-10-201