554E.1 Definitions. As used in this chapter, unless the context otherwise requires:1. 'Account' means the same as defined in section 554.9102.2. 'Chattel paper' means the same as defined in section 554.9102.3. 'Contract' means the same as defined in section 554D.103.4. 'Controllable account' means an account evidenced by a controllable electronic record that provides that the account debtor undertakes to pay a person that under the uniformcommercial code has control of the controllable electronic record. 5. 'Controllable electronic record' means an electronic record that can be subjected to control under any applicable article of the uniform commercial code. 'Controllable electronicrecord' does not include a deposit account, electronic copy of a record evidencing chattelpaper, electronic chattel paper, electronic document of title, money, investment property, ora transferable record. 6. 'Controllable payment intangible' means a payment intangible evidenced by a controllable electronic record that provides that the account debtor undertakes to pay aperson that under any applicable article of the uniform commercial code has control of thecontrollable electronic record. 7. electronic record that provides that the account debtor undertakes to pay aperson that under any applicable article of the uniform commercial code has control of thecontrollable electronic record. 7. 'Deposit account' means the same as defined in section 554.9102.8. 'Digital asset' means any electronic record that represents or evidences economic value or economic, proprietary, or access rights or is used as a medium of exchange, unitof account, method of payment, or store of value. 'Digital asset' does not include a depositaccount, electronic record evidencing chattel paper, electronic chattel paper, controllableaccount, controllable payment intangible, money, electronic document of title, investmentproperty, or a transferable record. 9. 'Distributed ledger technology' means an electronic ledger or other record of transactions or other data to which all of the following apply: a. The electronic ledger is uniformly ordered.b. The electronic ledger is redundantly maintained or processed by more than one computer or machine to guarantee the consistency or nonrepudiation of the recordedtransactions or other data. 10. 'Electronic' means the same as defined in section 554D.103.11. essed by more than one computer or machine to guarantee the consistency or nonrepudiation of the recordedtransactions or other data. 10. 'Electronic' means the same as defined in section 554D.103.11. 'Electronic chattel paper' means the same as defined in section 554.9102.12. 'Electronic document of title' means the same as defined in section 554.1201.13. 'Electronic record' means the same as defined in section 554D.103.14. 'Electronic services system' means the county land record information system, or electronic services system, created under the agreement entered into under chapter 28Ebetween the counties and the Iowa county recorders association as required by 2005 IowaActs, ch. 179, §101, as amended by 2021 Iowa Acts, ch. 126, §2. 15. 'Investment property' means the same as defined in section 554.9102.16. 'Money' means the same as defined in section 554.1201.17. 'Payment intangible' means the same as defined in section 554.9102.18. 'Record' means the same as defined in section 554D.103.19. 'Smart contract' means an electronic record that is an event-driven program or computerized transaction protocol that runs on a distributed, decentralized, shared, andreplicated ledger that D.103.19. 'Smart contract' means an electronic record that is an event-driven program or computerized transaction protocol that runs on a distributed, decentralized, shared, andreplicated ledger that executes the term of a contract, including but not limited to, takingcustody over and instructing the transfer of assets. 20. 'Transaction' means a sale, trade, exchange, transfer, payment, or conversion of a digital asset or any other property or any other action or set of actions occurring between twoor more persons relating to the conduct of business, commercial, or governmental affairs. 21. 'Transferable record' means the same as transferable record defined in the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. §7021(a)(1), and asdefined in the Uniform Electronic Transactions Act, section 554D.118, subsection 1. 2022 Acts, ch 1116, §4Referred to in §554G.1 Sat Dec 23 11:04:04 2023 Iowa Code 2024, Section 554E.1 (2, 0)
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