Legal nature of bitcoin "ownership"

[davidgdg]

I have found myself debating the issue here: https://bitcointalk.org/index.php?topic=491181.msg5481888#msg5481888

Has it been addressed elsewhere? Any lawyers wish to comment?

[runam0k]

I doubt this has been tested anywhere but your response was thorough and I am inclined to agree. A purchaser acting in good faith need not worry.

[runam0k]

An interesting article about the possible impact of Article 9 of the Uniform Commercial Code here:
http://www.creditslips.org/creditslips/2014/03/is-ucc-article-9-the-achilles-heel-of-bitcoin.html

The jist being bitcions don't fall within the definition of “money” - a “medium of exchange currently authorized or adopted by a domestic or foreign government” (UCC § 1-201(b)(24)) - and that someone might have an Article 9 security interest in your bitcions.  An absurd result, but something that probably hasn't been considered yet.