Full text of Utah Utah Code § 13-62-101 — Definitions., with citation guidance and answers to common questions.
§ 13-62-101. Definitions.
Effective 5/1/2024 13-62-101.
Definitions. As used in this chapter:
(1)
"Agent" means a person who is authorized to act on behalf of an owner with respect to a digital asset.
(2)
"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 that gives the secured party exclusive legal authority to conduct a transaction relating to a digital security.
(3)
(a)
"Digital asset" means a representation of economic, proprietary, or access rights that is stored in a computer readable format.
(b)
"Digital asset" includes:
(i)
a digital user asset; or
(ii)
a digital security.
(4)
"Digital security" means a digital asset that constitutes a security, as that term is defined in Section 70A-8-101.
(5)
(a)
"Digital user asset" means a digital asset that is used or bought primarily for consumptive, personal, or household purposes.
(b)
"Digital user asset" includes an open blockchain token.
(c)
"Digital user asset" does not include a digital security.
(6)
"Multi-signature arrangement" means a system of access control relating to a digital asset for the purposes of preventing unauthorized transactions relating to the digital asset, in which two or more private keys are required to conduct a transaction.
(7)
"Private key" means a unique element of cryptographic data that is:
(a)
held by a person;
(b)
paired with a public key; and
(c)
used to digitally sign a transaction.
(8)
"Public key" means a unique element of cryptographic data that:
(a)
is publicly available;
(b)
is paired with a private key that is held by the owner of the public key; and
(c)
allows viewing, but not digitally signing, electronic transactions.
(9)
"Smart contract" means a transaction that is comprised of code, script, or programming language that executes the terms of an agreement, and which may include taking custody of and transferring a digital asset, or issuing executable instructions for these actions, based on the occurrence or nonoccurrence of specified conditions.
Section 13-62-101 ("Definitions.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 13-62-101?
A common citation format is "Utah Code § 13-62-101" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 13-62-101 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
