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Utah Code Title 48. Partnership--Unincorporated Business Entities § 48-5-403. Contentious forks in the underlying blockchain

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) Except as provided in this section, in the event of a hard fork in the underlying permissionless blockchain:

(a) the legal representation of the decentralized autonomous organization remains on the majority chain; and

(b) any off-chain assets shall belong to the decentralized autonomous organization on the majority chain.

(2)(a) A decentralized autonomous organization may choose to maintain legal presence on a minority chain if the decentralized autonomous organization expresses an intent to do so by public signal.

(b) If the decentralized autonomous organization expresses an intent by public signal to maintain legal presence on a minority chain, any off-chain assets shall belong to the decentralized autonomous organization on the selected minority chain.

(3) The decentralized autonomous organization may liquidate the decentralized autonomous organization's on-chain assets after a hard fork to move those assets to the chosen chain.

(4) The decentralized autonomous organization may split into multiple legal entities after a hard fork, each on a separate chain, after public signal of an intent to do so, provided there is a definitive distribution of off-chain assets between the majority and minority chain.

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Cite this article: FindLaw.com - Utah Code Title 48. Partnership--Unincorporated Business Entities § 48-5-403. Contentious forks in the underlying blockchain - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-48-partnership-unincorporated-business-entities/ut-code-sect-48-5-403/

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