Utah Code § 70A-9a-105.1

(1) A person has control of electronic money if:
(a) the electronic money, a record attached to or logically associated with the electronic money,
or a system in which the electronic money is recorded gives the person:

(i) power to avail itself of substantially all the benefit from the electronic money; and
(ii) exclusive power, subject to Subsection (2), to:
(A) prevent others from availing themselves of substantially all the benefit from the electronic
money; and
(B) transfer control of the electronic money to another person or cause another person to
obtain control of other electronic money as a result of the transfer of the electronic money;
and
(b) the electronic money, a record attached to or logically associated with the electronic money,
or a system in which the electronic money is recorded enables the person readily to identify
itself in any way, including by name, identifying number, cryptographic key, office, or account
number, as having the powers under Subsection (1)(a).
(2) Subject to Subsection (3), a power is exclusive under Subsections (1)(a)(ii)(A) and (B) even if:
(a) the electronic money, a record attached to or logically associated with the electronic money,
or a system in which the electronic money is recorded limits the use of the electronic money
or has a protocol programmed to cause a change, including a transfer or loss of control; or
(b) the power is shared with another person.
(3) A power of a person is not shared with another person under Subsection (2)(b) and the
person's power is not exclusive if:
(a) the person can exercise the power only if the power also is exercised by the other person;
and
(b) the other person:
(i) can exercise the power without exercise of the power by the person; or
(ii) is the transferor to the person of an interest in the electronic money.
(4) If a person has the powers specified in Subsections (1)(a)(ii)(A) and (B), the powers are
presumed to be exclusive.
(5) A person has control of electronic money if another person, other than the transferor to the
person of an interest in the electronic money:
(a) has control of the electronic money and acknowledges that it has control on behalf of the
person; or
(b) obtains control of the electronic money after having acknowledged that it will obtain control of
the electronic money on behalf of the person.

‹ Prev All Utah sections Next ›

Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.