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Current as of January 01, 2025 | Updated by Findlaw Staff
(1) As used in this section:
(a) “Blockchain” means the same as that term is defined in Section 78B-3-112.
(b) “Reversible blockchain” means the same as that term is defined in Section 78B-3-112.
(c) “Sheriff node” means a computer that:
(i) is connected to a reversible blockchain;
(ii) is administered by the Office of the Attorney General; and
(iii) allows the Office of the Attorney General to reverse a mistaken or fraudulent transaction upon receipt of:
(A) a court order issued under Section 78B-3-112; or
(B) an award issued in a valid and binding arbitration.
(d) “Transaction” means the same as that term is defined in Section 78B-3-112.
(2)(a) There is created a program known as the “Sheriff Node Program” within the Office of the Attorney General to operate a sheriff node on a reversible blockchain.
(b) The attorney general shall administer the program with funds available for this purpose.
(3) The attorney general shall operate the program only to reverse a transaction on a reversible blockchain upon receipt of:
(a) a court order issued under Section 78B-3-112; or
(b) an award issued in a valid and binding arbitration.
(4) The attorney general may make rules in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, to carry out the program, including to:
(a) establish the number of reversible blockchains for which the attorney general may administer a sheriff node;
(b) charge and assess fees and costs for the operation of a sheriff node on a reversible blockchain;
(c) establish criteria for determining the validity of an arbitration award; and
(d) establish other rules reasonably necessary to efficiently carry out the sheriff node program.
Cite this article: FindLaw.com - Utah Code Title 67. State Officers and Employees § 67-5-39. Sheriff Node Program - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-67-state-officers-and-employees/ut-code-sect-67-5-39/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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