67-5-39. Sheriff Node Program.

296 words·~1 min read·/ut/title-67/chapter-5/67-5-39

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/3/2023

(1)As used in this section:

(a)"Blockchain" means the same as that term is defined in Section 78B-3-112 .

(b)"Reversible blockchain" means the same as that term is defined in Section 78B-3-112 .

(c)"Sheriff node" means a computer that:

(i)is connected to a reversible blockchain;

(ii)is administered by the Office of the Attorney General; and

(iii)allows the Office of the Attorney General to reverse a mistaken or fraudulent transaction upon receipt of:

(A)a court order issued under Section 78B-3-112 ; or

(B)an award issued in a valid and binding arbitration.

(d)"Transaction" means the same as that term is defined in Section 78B-3-112 .

(a)There is created a program known as the "Sheriff Node Program" within the Office of the Attorney General to operate a sheriff node on a reversible blockchain.

(b)The attorney general shall administer the program with funds available for this purpose.

(3)The attorney general shall operate the program only to reverse a transaction on a reversible blockchain upon receipt of:

(a)a court order issued under Section 78B-3-112 ; or

(b)an award issued in a valid and binding arbitration.

(4)The attorney general may make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , to carry out the program, including to:

(a)establish the number of reversible blockchains for which the attorney general may administer a sheriff node;

(b)charge and assess fees and costs for the operation of a sheriff node on a reversible blockchain;

(c)establish criteria for determining the validity of an arbitration award; and

(d)establish other rules reasonably necessary to efficiently carry out the sheriff node program.

Enacted by Chapter 365 , 2023 General Session