Section 550.2 - DefinitionsAs used in this chapter, unless the context otherwise requires:
1."Improper means" means theft, bribery, misrepresentation, breach or inducement of a breach of a duty to maintain secrecy, or espionage, including but not limited to espionage through an electronic device.2."Knows" or "knowledge" means that a person has actual knowledge of information or a circumstance or that the person has reason to know of the information or circumstance.3."Misappropriation" means doing any of the following: a. Acquisition of a trade secret by a person who knows that the trade secret is acquired by improper means.b. Disclosure or use of a trade secret by a person who uses improper means to acquire the trade secret.c. Disclosure or use of a trade secret by a person who at the time of disclosure or use, knows that the trade secret is derived from or through a person who had utilized improper means to acquire the trade secret.d. Disclosure or use of a trade secret by a person who at the time of disclosure or use knows that the trade secret is acquired under circumstances giving rise to a duty to maintain its secrecy or limit its use.e. Disclosure or use of a trade secret by a person who at the time of disclosure or use knows that the trade secret is derived from or through a person who owes a duty to maintain the trade secret's secrecy or limit its use.f. Disclosure or use of a trade secret by a person who, before a material change in the person's position, knows that the information is a trade secret and that the trade secret has been acquired by accident or mistake.4."Trade secret" means information, including but not limited to a formula, pattern, compilation, program, device, method, technique, or process that is both of the following: a. Derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by a person able to obtain economic value from its disclosure or use.b. Is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.90 Acts, ch 1201, §2; 91 Acts, ch 35, §1
90 Acts, ch 1201, §2; 91 Acts, ch 35, §1