{"data":{"id":"us-tn/tenn.-code-ann.-48-250-101","jurisdiction":"us-tn","citation":"Tenn. Code Ann. § 48-250-101","heading":"Chapter definitions","body":"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.\nAs used in this chapter:\n(1) \"Decentralized organization\" means a decentralized organization, organized under this chapter;\n(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;\n(A) An electronic record in which a person has a right or interest; and\n(B) Does not include an underlying asset or liability unless the asset or liability is itself an electronic record;\n(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;\n(4) \"Electronic,\" relating to technology, means having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities;\n(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 ;\nnic,\" relating to technology, means having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities;\n(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 ;\n(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;\n(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\n(B) A digital asset, if designated as a membership interest in the organization's articles of organization or operating agreement;\n(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;\n(8) \"Quorum\" means a minimum requirement on the sum of membership interests participating in a vote for that vote to be valid;\n(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\n(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.\n(A) Take custody over and instruct transfer of assets on that ledger;\n(B) Create and distribute electronic assets;\n(C) Synchronize information; or\n(D) Manage identity and user access to software applications.","path":["TN Code","Title 48","Chapter 250"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_tn_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:26Z","sha256":"7b5fa9e1854919ff1973483de6de07b6093a6fb1cc2ad046e86b829cd799eeaf","source_id":"us-tn","stale":false,"prev":"us-tn/tenn.-code-ann.-48-24-304","next":"us-tn/tenn.-code-ann.-48-250-102"},"notice":"GroundRules: Original legal text. Not legal advice."}