Terms Used In Utah Code > Title 13 > Chapter 62 - Digital Asset Management Act

• Agent: means a person who is authorized to act on behalf of an owner with respect to a digital asset. See Utah Code 13-62-101
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Appropriation: means an allocation of money for a specific purpose. See Utah Code 17-36-3
• 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.
• 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 Department: means any functional unit within a fund which carries on a specific activity. See Utah Code 17-36-3 Development activity: means any construction or expansion of a building, structure, or use, any change in use of a building or structure, or any changes in the use of land that creates additional demand and need for public facilities. See Utah Code 11-36a-102 Digital asset: includes : (i)  a digital user asset; or (ii)  a digital security. See Utah Code 13-62-101 Digital security: means a digital asset which constitutes a security, as that term is defined in Section 70A-8-101. See Utah Code 13-62-101 Digital user asset: includes an open blockchain token. See Utah Code 13-62-101 Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs. Executive: when used to describe the powers, duties, or functions of a person or body elected as the county executive or a person appointed as the county manager or administrative officer, refers to: (a)  the power and duty to carry laws and ordinances into effect and secure their due observance; and (b)  those powers, duties, and functions that, under constitutional and statutory provisions and through long usage and accepted practice and custom at the federal and state level, have come to be regarded as belonging to the executive branch of government. See Utah Code 17-50-101 Finance officer: means : (a)  the county auditor or the person selected to provide accounting services for the county in accordance with Section 17-19a-205; or (b)  notwithstanding Subsection (13)(a), for the purposes of preparing a tentative budget in a county operating under a county executive-council form of county government, the county executive. See Utah Code 17-36-3 Impact fee: means a payment of money imposed upon new development activity as a condition of development approval to mitigate the impact of the new development on public infrastructure. See Utah Code 11-36a-102 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Legislative: when used to describe the powers, duties, or functions of a county commission or council, refers to: (a)  the power and duty to enact ordinances, levy taxes, and establish budgets; and (b)  those powers, duties, and functions that, under constitutional and statutory provisions and through long usage and accepted practice and custom at the federal and state level, have come to be regarded as belonging to the legislative branch of government. See Utah Code 17-50-101 Local political subdivision: means a county, a municipality, a special district under Title 17B, Limited Purpose Local Government Entities - Special Districts, a special service district under Title 17D, Chapter 1, Special Service District Act, or the Point of the Mountain State Land Authority, created in Section 11-59-201. See Utah Code 11-36a-102 Multi-signature arrangement: means a system of access control relating to a digital asset for the purposes of preventing unauthorized transactions relating to the asset, in which two or more private keys are required to conduct a transaction. See Utah Code 13-62-101 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Person: means :Utah Code 68-3-12.5 Private key: means a unique element of cryptographic data, which is: (a)  held by a person; (b)  paired with a unique, publicly available element of cryptographic data; and (c)  associated with an algorithm that is necessary to carry out an encryption or decryption required to execute a transaction. 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