Tenn. Code Ann. § 48-250-101: Chapter definitions

As used in this chapter: (1) "Decentralized organization" means a decentralized organization, organized under this chapter; (2) "Digital asset" means: (A) An electronic record in which a person has a right or interest; and (B) Does not include an underlying asset or liability unless the asset or liability is itself an electronic record; (3) "Distributed ledger technology" means a distributed ledger protocol and supporting infrastructure, including blockchain, that uses a distributed, decentralized, shared, and replicated ledger, whether it be public or private, permissioned or permissionless, and that may include the use of electronic currencies or electronic tokens as a medium of electronic exchange; (4) "Electronic," relating to technology, means having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities; (5) "Majority of the members" means the approval of more than fifty percent (50%) of participating membership interests in a vote for which a quorum of members is participating, excluding a person who dissociates from the organization as set forth in § 48-250-112 ; (6) "Membership interest" means: (A) A member's ownership share in a member-managed decentralized organization, which may be defined in the entity's articles of organization, smart contract, or operating agreement; or (B) A digital asset, if designated as a membership interest in the organization's articles of organization or operating agreement; (7) "Publicly available identifier" includes, but is not limited to, a URL, contract address, published whitepaper, or other similar item that is available to the public; (8) "Quorum" means a minimum requirement on the sum of membership interests participating in a vote for that vote to be valid; (9) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form; and (10) "Smart contract" means an event-driven computer program, that executes on an electronic, distributed, decentralized, shared, and replicated ledger that is used to automate transactions, including, but not limited to, transactions that: (A) Take custody over and instruct transfer of assets on that ledger; (B) Create and distribute electronic assets; (C) Synchronize information; or (D) Manage identity and user access to software applications. Added by 2022 Tenn. Acts, ch. 852, s 1, eff. 4/20/2022.

As used in this chapter:

(1) "Decentralized organization" means a decentralized organization, organized under this chapter;

(2) "Digital asset" means: (A) An electronic record in which a person has a right or interest; and (B) Does not include an underlying asset or liability unless the asset or liability is itself an electronic record;

(A) An electronic record in which a person has a right or interest; and

(B) Does not include an underlying asset or liability unless the asset or liability is itself an electronic record;

(3) "Distributed ledger technology" means a distributed ledger protocol and supporting infrastructure, including blockchain, that uses a distributed, decentralized, shared, and replicated ledger, whether it be public or private, permissioned or permissionless, and that may include the use of electronic currencies or electronic tokens as a medium of electronic exchange;

(4) "Electronic," relating to technology, means having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities;

(5) "Majority of the members" means the approval of more than fifty percent (50%) of participating membership interests in a vote for which a quorum of members is participating, excluding a person who dissociates from the organization as set forth in § 48-250-112 ;

nic," relating to technology, means having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities;

(5) "Majority of the members" means the approval of more than fifty percent (50%) of participating membership interests in a vote for which a quorum of members is participating, excluding a person who dissociates from the organization as set forth in § 48-250-112 ;

(6) "Membership interest" means: (A) A member's ownership share in a member-managed decentralized organization, which may be defined in the entity's articles of organization, smart contract, or operating agreement; or (B) A digital asset, if designated as a membership interest in the organization's articles of organization or operating agreement;

(A) A member's ownership share in a member-managed decentralized organization, which may be defined in the entity's articles of organization, smart contract, or operating agreement; or

(B) A digital asset, if designated as a membership interest in the organization's articles of organization or operating agreement;

(7) "Publicly available identifier" includes, but is not limited to, a URL, contract address, published whitepaper, or other similar item that is available to the public;

(8) "Quorum" means a minimum requirement on the sum of membership interests participating in a vote for that vote to be valid;

(9) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form; and

(10) "Smart contract" means an event-driven computer program, that executes on an electronic, distributed, decentralized, shared, and replicated ledger that is used to automate transactions, including, but not limited to, transactions that: (A) Take custody over and instruct transfer of assets on that ledger; (B) Create and distribute electronic assets; (C) Synchronize information; or (D) Manage identity and user access to software applications.

(A) Take custody over and instruct transfer of assets on that ledger;

(B) Create and distribute electronic assets;

(C) Synchronize information; or

(D) Manage identity and user access to software applications.