§ 554E.3 — Legal effect of distributed ledger technology and smart contract

Iowa § 554E.3

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 554E: DIGITAL LEDGER TECHNOLOGY — SMART CONTRACTS — ELECTRONIC RECORDS

Text

1. A record, signature, or contract shall not be denied legal effect or enforceability solely
because it is created, generated, sent, signed, adopted, communicated, received, recorded, or
stored by means of distributed ledger technology or a smart contract.
2. A contract shall not be denied legal effect or enforceability solely because of any of the
following:
a. The contract contains a smart contract term.
b. An electronic record, distributed ledger technology, or a smart contract was used in the
formation of the contract.
3. Notwithstanding any other law to the contrary, a person using distributed ledger
technology in the course of engaging in or affecting intrastate commerce, interstate
commerce, or foreign commerce to secure information that the person owns or has the
right to use retains the same rights of ownership or use with respect to such information
§554E.3, DIGITAL LEDGERS — SMART CONTRACTS — ELECTRONIC RECORDS 2
as before the person secured the information using distributed ledger technology. This
subsection does not apply to the use of distributed ledger technology to secure information
in connection with a transaction to the extent that the terms of the transaction expressly
provide for the transfer of rights of ownership or use with respect to such information.