Utah Code 13-62-102. Ownership of digital assets

13-62-102. Ownership of digital assets.

(1)	Digital securities are intangible personal property and shall be considered securities and investment property for purposes of this chapter, Title 70A, Chapter 8, Uniform Commercial Code – Investment Securities, and Title 70A, Chapter 9a, Uniform Commercial Code – Secured Transactions.

Terms Used In Utah Code 13-62-102

Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Control: means :

(a)	an owner or an agent has the exclusive legal authority to conduct a transaction relating to the digital asset, including by means of a private key or the use of a multi-signature arrangement the owner or agent authorizes; or

(b)

a secured party has created a smart contract which gives the secured party exclusive legal authority to conduct a transaction relating to a digital security. See Utah Code 13-62-101

Digital asset: includes :

(i)	a digital user asset; or

(ii)

a digital security. See Utah Code 13-62-101

Digital user asset: includes an open blockchain token. See Utah Code 13-62-101

Property: includes both real and personal property. See Utah Code 68-3-12.5

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}

(2)

An owner of a digital user asset may demonstrate ownership of the digital user asset through control.

(3)	Nothing in this chapter shall be interpreted to restrict or impair an owner’s right to own a digital asset.

Enacted by Chapter 448, 2022 General Session

Technically renumbered to avoid duplication of newly enacted Chapter also in SB 227, Chapter 462.

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