All Digital Assets are Not Legally Equivalent
A digital asset is an electronic record in which an individual has a right or interest. This definition implies that all digital assets should be treated as legally the same, when, in fact, failure to differentiate such assets into one of three distinct classes will result in legal difficulties.
October 02, 2017 at 11:23 AM
10 minute read
The Internet has generated a new set of assets know as “digital assets.” Broadly defined, a digital asset is an electronic record in which an individual has a right or interest. This definition erroneously implies that digital assets should be treated as a legally equivalent set of assets when, in fact, failure to differentiate digital assets into one of three distinct classes will result in legal difficulties.
• The first class of digital assets is contained on a device that is in the owner's control. Usually, this device is a computer or storage device. Class-one digital assets include e-mails, software, content and data stored in tangible property, typically a decedent's home computer.
• A second class of digital assets are access rights and use rights to Internet assets located in a computer or other storage device owned by a person other than the digital asset owner. Class-two digital assets are e-mails, software, content and data stored in tangible property on a third party's computer or other tangible property.
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