Definition of "Person"

What this video covers

• Why the Uniform Securities Act (USA) defines "person" to include corporations, partnerships, trusts, governments, and political subdivisions, not just natural individuals
• The precise trust condition that makes it a "person": beneficiary interests evidenced by a security, and why a garden-variety family trust fails
• Why governments and municipalities that issue bonds are persons under the USA, specifically as issuers, despite everyday intuition
• Why minors, deceased individuals, and mentally incompetent persons are NOT excluded from the definition, and how this differs from legal capacity to contract
• How the exam mashes "person" status together with legal capacity to contract as a deliberate confusion tactic
• What happens when a client dies: the deceased remains a person, and the legal focus shifts to the estate or legal representative