drllau
commented
3 years ago I think you need to look to the token behaviour b4 deciding if legal property. Arguably the minting process (aka legal spell) is the true asset whereas the minted token is intellectual personalty. To make it analogous to traditional property it must be excluable and possibly rival. So having it be transferable to heirs or sucessors rather than being merely redeemable back to minting authority indicates some degree of control beyond mere possession. non perishable (not useit or loseit) and persistent under various adverse events makes more than utility token. Convertible to fiat or stablecoin tokens brings to to the level of currency esp if unrestricted (fully vested and openend holders rather than closed).
SS/ss
Bankruptcy law
~ws https://en.wikipedia.org/wiki/Bankruptcy_in_the_United_States Abondoned property Intestate asset Claim back property rights Id includes code and culture - @ LL 3box leads in Web3 Identity applications
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There are:
Member tokens Capital tokens Goodwill tokens Utility tokens Fungible tokens ...
Tokens: Are they going to be swappable and interchangeable? Are their tied to and event or identiity? Can they be used as contrinution to wards consideration of good-will? legal services? medical advice? appraisals?
Trust Law
Most legal claims fall into three categories: tort law, the USC or state codes, the UCC or trust law.
*** Trust law documents can effectuate the transfer of most assets
Use Case: Legal engineers get tokens, passed tokens to exchanges for other value. it a rocognition system where you can get a legal engineering token.
Redeemed for cash but what happens when one quits, dies, transfers, break the law, become incapacitated or disappears?
Appoint the trustee Use a principal agent theory What is the key gets compromised? Stolen, shared?
Principal agent theory. Power of attorney? Friend?
An agent removal and replacement option.
LexDAO Token Structures
The method can pass as a properly executed proxy vote.
LexDAO accesses these smart-contracts 1) Moloch v2x 2) LexLocker - ADR and other custodial associations 3) LexToken a fungible - tokenized asset offering 4) LexKudos is a token for trading on system reputation.
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If it is a unincorporated association it needs to be formalized in order to take advantage of state law protections and benefits.
"If we are not one of those" we need to look for a framework that makes sense.
We will need a registered agent, where the real property is, file some sort of memo with a secretarty state or county recorders office.
HB74
What about a Special Purpose Investment Vehicle Special Purpose Depository Institutions
The LexToken: following the Blue Sky Laws There is a framework for utility tokens
Framework lays as a public good and maybe non-profit status.
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Our core purpose is legal engineering. SIC code for consulting services is:
social handle but no id - reasonable standards to admission
levels of fallback provisions, the state has ultimate fallback will trust, intestate laws,
Outlier scenarios: permanently leaves country, missing persons,deceased,power of attonrey and trustees. At what point would property revert to the state.
When will the federal courts have property jurisdiction? what kind of disputes qualify? Bankruptcy.
WYOMING: THE TOKEN IS PROPERTY
assets must be held in the DAO abondonment procedures and recording eschew to the state
DEATH DIVORCE SUPER ACCOUNT MULTISIG
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THE ENTITY IS THEIR CONCERN international law consideration, blacklists based on reasonable standards bankrupt parties fast-track resolutions
++++++++++++++++++++++++++++++ Preferred way is Incorporated WY, LLC. Recognized as Unincorporated association which is provided certain recognition and benefits of the state. Co-ops in
As long as they get the sales taxes, we can use their sales system. Tax our revenues, and we can impound a percentate of income for state taxes. Sales tax system with reporting.
By using the state account as an unisured account and it can be adjusted for what the operating.
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Even more miscellaneous notes SS/ss vvvvvv
Annual fee? What way the +/- $1500 charge to get the Wyoming licensing...... Conflict of laws - two different states, Jurisdictional challenges between Unincoporated associations and
Must put a registered agent in WY to take advantage of the overlay
Create a DAO to overlay the token to member and governance accountability to WY.