Utah Code § 48-5-307

Current through the 2024 Third Special Session

Section 48-5-307 - No implicit fiduciary status

A developer, member, participant, or legal representative of a decentralized autonomous organization may not be imputed to have fiduciary duties towards each other or third parties solely on account of their role, unless the developer, member, participant, or legal representative:

(1) explicitly holds themselves out as a fiduciary; or

(2) stipulates to assume a fiduciary status as provided in the decentralized autonomous organization's by-laws.

Utah Code § 48-5-307

Added by Chapter 85, 2023 General Session ,§ 20, eff. 1/1/2024.