Feasibility Study: Fiduciary Access to Digital Assets (with the Uniform Law Commission, ULC)

Since 2015, the ELI has been conducting a Feasibility Study, with the US Uniform Law Commission (ULC), on Fiduciary Access to Digital Assets. This study focuses on the transfer of property and information at death or incapacity in a digital age, including questions such as the nature of digital property, the possibility to seize digital assets and the need to protect consumers and specifically owners of digital assets in cases of death or disability.

This project focuses on the transfer of property and information at death or incapacity in a digital age, including questions such as the nature of digital property, the possibility to seize digital assets, or the need to protect consumers and specifically owners of digital assets in cases of death or disability.

The ULC has developed the Revised Uniform Fiduciary Access to Digital Assets Act (UFADAA), which has proved to be very successful so far. This model act creates a structure to apply effective laws on transfer of property to new types of property. The 2015 revised Act resolves some privacy issues that prevented the Act’s previous enactment.

The study aims to explore whether the Revised UFADAA can be adapted to fit the requirements of the European legal environment. Since the digital world is cross-border, European and even global harmonisation is necessary. An approach that overarches legal traditions is needed and a consensus within the IT industry ought to be reached.

On the part of the ELI, the feasibility study is led by Sjef van Erp (University of Maastricht); further individuals involved include Radim Polčák (Masaryk University Brno) as well as representatives of the Union Internationale des Huissiers de Justice (UIHJ) and the Notaries of Europe (CNUE).

PROJECT REPORTERS

  • Sjef van Erp

WORKING GROUP MEMBERS

  • Clinton Bellizzi
  • Radim Polčák
  • Jos Uitdehaag

ADVISORY COMMITTEE MEMBERS

  • Suzanne Brown Walsh
  • Peter Lown
  • Donna Molzan