Tennessee § 48-250-101 Chapter definitions

Tennessee Statutes

§ 48-250-101 — Chapter definitions

Tennessee § 48-250-101

Title48

This text of Tennessee § 48-250-101 (Chapter definitions) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 48-250-101 (2026).

Text

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, wir

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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.