The American Model of Fiduciary Access to Digital Assets

Abstract

This paper discusses issues of digital asset disclosure in the Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA), drafted in the USA by the Uniform Law Commission in 2015 and now implemented in most American Jurisdictions. The author examines the procedures and principles that apply to different types of fiduciaries, addresses questions of fiduciary duty and authority, custodian compliance and immunity, and differences in the way the Act treats different kinds of electronic assets. Special attention is paid to an online tool reated by the Act which allows holders of e-mail or social media accounts a direct disclosure or nondisclosure of digital assets to designated recipients. The paper questions the practicality of this solution and advocates a more universal approach. It evaluates RUFADAA from a European perspective assess its potential as a model for EU juridictions.