2023 Utah Code › Title 78A - Judiciary and Judicial Administration › Chapter 5a - Business and Chancery Court › Part 1 - General Provisions › Section 101 - Definitions.

Effective 7/1/2024
78A-5a-101.
Definitions.
(1) "Action" means a lawsuit or case commenced in a court.
(2)
(a) "Asset" means property of all kinds, real or personal and tangible or intangible.
(b) "Asset" includes:
(i) cash, except for any reasonable compensation or salary for services rendered;
(ii) stock or other investments;
(iii) goodwill;
(iv) an ownership interest;
(v) a license;
(vi) a cause of action; and
(vii) any similar property.
(3) "Beneficial shareholder" means the same as that term is defined in Section 16-10a-1301.
(4) "Blockchain" means a cryptographically secured, chronological, and decentralized consensus ledger or consensus database maintained via Internet, peer-to-peer network, or other interaction.
(5) "Blockchain technology" means computer software or hardware or collections of computer software or hardware, or both, that utilize or enable a blockchain.
(6) "Board" means the board of directors or trustees of a corporation.
(7) "Business" means any enterprise carried on for the purpose of gain or economic profit.
(8)
(a) "Business organization" means an organization in any form that is primarily engaged in business.
(b) "Business organization" includes:
(i) an association;
(ii) a corporation;
(iii) a joint stock company;
(iv) a joint venture;
(v) a limited liability company;
(vi) a mutual fund trust;
(vii) a partnership; or
(viii) any other similar form of an organization described in Subsections (8)(b)(i) through (vii).
(c) "Business organization" does not include a governmental entity as defined in Section 63G-7-102.
(9) "Claim" means a written demand or assertion in an action.
(10) "Consumer contract" means a contract entered into by a consumer for the purchase of goods or services for personal, family, or household purposes.
(11) "Court" means the Business and Chancery Court established in Section 78A-5a-102.
(12) "Decentralized autonomous organization" means an organization that is created by a smart contract deployed on a permissionless blockchain that implements specific decision-making or governance rules enabling individuals to coordinate themselves in a decentralized fashion.
(13) "Franchisee" means the same as that term is defined in 16 C.F.R. Sec. 436.1.
(14) "Franchisor" means the same as that term is defined in 16 C.F.R. Sec. 436.1.
(15) "Health care" means the same as that term is defined in Section 78B-3-403.
(16) "Health care provider" means the same as that term is defined in Section 78B-3-403.
(17) "Monetary damages" does not include:
(a) punitive or exemplary damages;
(b) prejudgment or postjudgment interest; or
(c) attorney fees or costs.
(18) "Officer" means an individual designated by a board, or other governing body of a business organization, to act on behalf of the business organization.
(19) "Owner" means a person who, directly or indirectly, owns or controls an ownership interest in a business organization regardless of whether the person owns or controls the ownership interest through another person, a power of attorney, or another business organization.
(20) "Ownership interest" means an interest owned in a business organization, including any shares, membership interest, partnership interest, or governance or transferable interest.
(21) "Permissionless blockchain" means a public distributed ledger that allows an individual to transact and produce blocks in accordance with the blockchain protocol, whereby the validity of the block is not determined by the identity of the producer.
(22) "Personal injury" means a physical or mental injury, including wrongful death.
(23) "Professional" means an individual whose profession requires a license, registration, or certification on the basis of experience, education, testing, or training.
(24) "Security" means the same as that term is defined in Section 61-1-13.
(25) "Shareholder" means the record shareholder or the beneficial shareholder.
(26) "Smart contract" means code deployed on a permissionless blockchain that consists of a set of predefined instructions executed in a distributed manner by the nodes of an underlying blockchain network that produces a change on the blockchain network.
(27) "Record shareholder" means the same as that term is defined in Section 16-10a-1301.
(28) "Trustee" means a person that holds or administers an ownership interest on behalf of a third party.
Enacted by Chapter 394, 2023 General Session