Minnesota Session Laws - 1985, Regular Session

  

                         Laws of Minnesota 1985 

                        CHAPTER 196-S.F.No. 1148 
           An act relating to commerce; defining "trade secret"; 
          amending Minnesota Statutes 1984, section 325C.01, 
          subdivision 5.  
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1984, section 325C.01, 
subdivision 5, is amended to read:  
    Subd. 5.  "Trade secret" means information, including a 
formula, pattern, compilation, program, device, method, 
technique, or process, that:  
    (i) derives independent economic value, actual or 
potential, from not being generally known to, and not being 
readily ascertainable by proper means by, other persons who can 
obtain economic value from its disclosure or use, and 
    (ii) is the subject of efforts that are reasonable under 
the circumstances to maintain its secrecy.  
     The existence of a trade secret is not negated merely 
because an employee or other person has acquired the trade 
secret without express or specific notice that it is a trade 
secret if, under all the circumstances, the employee or other 
person knows or has reason to know that the owner intends or 
expects the secrecy of the type of information comprising the 
trade secret to be maintained.  
    Sec. 2.  [EFFECTIVE DATE.] 
     Section 1 is effective the day following final enactment. 
    Approved May 23, 1985