554E.3 Legal effect of distributed ledger technology and smart contract.
194 words·~1 min read·
/ia/chapter-554e-digital-ledgers-smart-contracts-electronic-records/554e-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. A record, signature, or contract shall not be denied legal effect or enforceability solely because it is created, generated, sent, signed, adopted, communicated, received, recorded, or stored by means of distributed ledger technology or a smart contract.
2. A contract shall not be denied legal effect or enforceability solely because of any of the following:
a. The contract contains a smart contract term.
b. An electronic record, distributed ledger technology, or a smart contract was used in the formation of the contract.
3. Notwithstanding any other law to the contrary, a person using distributed ledger technology in the course of engaging in or affecting intrastate commerce, interstate commerce, or foreign commerce to secure information that the person owns or has the right to use retains the same rights of ownership or use with respect to such information as before the person secured the information using distributed ledger technology. This subsection does not apply to the use of distributed ledger technology to secure information in connection with a transaction to the extent that the terms of the transaction expressly provide for the transfer of rights of ownership or use with respect to such information.