Trust Agreement v3.6: Improve clarity of legal language #21
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- Replace 'burn' with 'redeem' throughout the document - Generalize blockchain network definition to support L2s - Improve clarity of redeem function description - Maintain consistent terminology in dissolution event section Co-Authored-By: Federico Pomi <[email protected]>
…beneficial ownership - Clarify distinction between token custody and beneficial ownership in Section 1 - Update terminology to consistently use 'Redeem' instead of 'locked or destroyed' - Enhance Section 6.2 to explicitly reference Contract Account custody - Align legal language with Section 7.3's ownership principles Co-Authored-By: Federico Pomi <[email protected]>
- Add changelog entry for trust agreement improvements - Document enhanced clarity around token custody vs. ownership - Note strengthened legal language for Contract Account interactions Note: IPFS CID pending Co-Authored-By: Federico Pomi <[email protected]>
Co-Authored-By: Federico Pomi <[email protected]>
…ract custody scenarios Co-Authored-By: Federico Pomi <[email protected]>
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Co-Authored-By: Federico Pomi <[email protected]>
Co-Authored-By: Federico Pomi <[email protected]>
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Closing due to inactivity. |
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reopened this. @notdroll to review |
notdroll
reviewed
Jan 27, 2025
connectors/us/us-trust-agreement.md
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| @@ -22,7 +22,7 @@ This Trust Agreement (this "**Agreement**") is entered into by the Grantor throu | |||
| 1. **Account** means an Address owned by a person(s) or entity(ies) and controlled through a private key(s). | |||
| 2. **Address** means a public key address on a Blockchain Network. | |||
| 3. **Beneficiary** means the individual or entity that is in control of the most recent Account owning the Property Token. In the event the Property Token has not yet been minted, or has been minted but has not yet been owned by any Account, the Beneficiary shall be the original Grantor. In the event ownership of the Property Token is fractionalized (as discussed further in **Sections 6.1. and 7.3.**), then the defined term Beneficiary as used in this Agreement shall apply to the various owners of the Property Token as a group. | |||
| 4. **Blockchain Network** means the blockchain network and the consensus blockchain for such network used to maintain records of ownership and management of the Property Token to which this Agreement is attached. The relevant blockchain network may change due to actions of the Beneficiary, including the wrapping of the Property Token to a different blockchain network or the minting of the Property Token on a different blockchain network. | |||
| 4. **Blockchain Network** means any distributed ledger technology network, including Layer 1 or Layer 2 solutions, used to maintain records of ownership and management of the Property Token to which this Agreement is attached. The relevant blockchain network may change due to actions of the Beneficiary, including the wrapping of the Property Token to a different blockchain network or the minting of the Property Token on a different blockchain network. | |||
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removed "including Layer 1 or Layer 2 solutions"
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Trust Agreement v3.6: Improve Clarity of Legal Language
This PR enhances the Fabrica Trust Agreement with improved clarity and precision around blockchain-based property ownership, particularly focusing on token custody scenarios and smart contract interactions.
Key Changes
1. Enhanced Token Custody Framework
a) Ownership-transferring contracts (e.g., multi-signature wallets) directly controlled by individuals/entities
b) Functional contracts (e.g., escrow, bridges, collateral) that don't automatically transfer ownership
2. Improved Technical Terminology
burnandburnBatch)3. Legal Language Refinements
4. Documentation Updates
Technical Details
The changes maintain flexibility for future blockchain implementations while providing precise legal framework for:
Testing
Related Changes
This PR is part of ongoing efforts to improve the clarity and precision of our legal framework while maintaining technical accuracy and flexibility for future implementations.