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Organization Person [[!Definitions]] [--Mainuvta0111definitionperson--]
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Organization Person [[!Definition]] [--Mainuvta0111definitionperson--]
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(:title Definitions ~ Organization And Person:)
(:Summary: Definitions ~ Organization And Person:)
(:description Definitions ~ Organization And Person:)
(:keywords voidable transaction, uvta, fraudulent transfer, ufta, fraudulent conveyance, organization, person:)
(:linebreaks:)
Organization Person [[!Definitions]] [--Mainuvta0111definitionperson--]
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!!"ORGANIZATION" AND "PERSON" DEFINED
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[[#definedorganization]] [--#definedorganization--]
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!!!"ORGANIZATION" DEFINED
[+§ 1(10) “Organization” means a person other than an individual.+]
->Reporter's Comment to § 1(10).
-->The definition of “organization” is derived from Uniform Commercial Code § 1 201(b)(25) (2014).
->JayNote
-->The term "person" in § 1(10) is defined in § 1(11) below. The term "organization" has its own definition to accommodate the requirements of the Dark Lords who delve in the arcane nuances of the Uniform Commercial Code.
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[[#definedperson]] [--#definedperson--]
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!!!"PERSON" DEFINED
[+§ 1(11) “Person” means an individual, estate, partnership, association, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal or commercial entity.+]
->Reporter's Comment to § 1(11).
-->The definition of “person” is derived from the standard definition of that term used in acts prepared by the Uniform Law Commission as of 2014.
-->Section 11 renders a “protected series” of a “series organization” a “person” for purposes of this Act, even though the “protected series” may not qualify as a “person” under paragraph (11) of this section.
->2016 Technical Correction to § 1(11).
-->The definition of “person” is derived from the standard definition of that term used in acts prepared by the Uniform Law Commission as of 2014.
-->Section 11 renders a “protected series” of a “series organization” a “person” for purposes of this Act, even though the “protected series” may not qualify as a “person” under paragraph (11) of this section.
->JayNote
-->Having served on the drafting committees for both Uniform Voidable Transactions Act and the Uniform Protected Series Act (UPSA), nobody really knew what "person" meant or was supposed to mean as applied to Series LLCs, but this sounded good to everybody involved and so it was included gratis. I don't mean this statement wholly tongue-in-cheek. Certainly, it was not anything like a blessing by the UVTA Committee for the hoped-for interpretation of "person" by the UPSA Committee, and thus should be taken with a rather large grain of salt. Long after this definition as applied to Series LLC was adopted by the UVTA Committee, the UPSA Committee itself continued to struggle mightily with the entire concept -- being concerned that unless a protected series was a "person" it would not be able to seek bankruptcy law protection independently from the main series organization of which it was a part.
!!!COURT OPINIONS: ORGANIZATION AND PERSON
->Nagel v. Westen, 2021 WL 58119 (Cal.App., Distr. 2, Jan. 7, 2021).
->Magliarditi v. Transfirst Group, Inc., 2019 WL 5390470 (Nev., Unpublished, Oct. 21, 2019).
[[<<]]
[[<<]]
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!!!DEFINITION OF ORGANIZATION OPINIONS
(:pagelist link=Category.TEXT list=normal fmt=title:)
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!!!DEFINITION OF PERSON OPINIONS
(:pagelist link=Category.TEXT list=normal fmt=title:)
----
(:Summary: Definitions ~ Organization And Person:)
(:description Definitions ~ Organization And Person:)
(:keywords voidable transaction, uvta, fraudulent transfer, ufta, fraudulent conveyance, organization, person:)
(:linebreaks:)
Organization Person [[!Definitions]] [--Mainuvta0111definitionperson--]
[[<<]]
!!"ORGANIZATION" AND "PERSON" DEFINED
----
[[#definedorganization]] [--#definedorganization--]
----
!!!"ORGANIZATION" DEFINED
[+§ 1(10) “Organization” means a person other than an individual.+]
->Reporter's Comment to § 1(10).
-->The definition of “organization” is derived from Uniform Commercial Code § 1 201(b)(25) (2014).
->JayNote
-->The term "person" in § 1(10) is defined in § 1(11) below. The term "organization" has its own definition to accommodate the requirements of the Dark Lords who delve in the arcane nuances of the Uniform Commercial Code.
----
[[#definedperson]] [--#definedperson--]
----
!!!"PERSON" DEFINED
[+§ 1(11) “Person” means an individual, estate, partnership, association, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal or commercial entity.+]
->Reporter's Comment to § 1(11).
-->The definition of “person” is derived from the standard definition of that term used in acts prepared by the Uniform Law Commission as of 2014.
-->Section 11 renders a “protected series” of a “series organization” a “person” for purposes of this Act, even though the “protected series” may not qualify as a “person” under paragraph (11) of this section.
->2016 Technical Correction to § 1(11).
-->The definition of “person” is derived from the standard definition of that term used in acts prepared by the Uniform Law Commission as of 2014.
-->Section 11 renders a “protected series” of a “series organization” a “person” for purposes of this Act, even though the “protected series” may not qualify as a “person” under paragraph (11) of this section.
->JayNote
-->Having served on the drafting committees for both Uniform Voidable Transactions Act and the Uniform Protected Series Act (UPSA), nobody really knew what "person" meant or was supposed to mean as applied to Series LLCs, but this sounded good to everybody involved and so it was included gratis. I don't mean this statement wholly tongue-in-cheek. Certainly, it was not anything like a blessing by the UVTA Committee for the hoped-for interpretation of "person" by the UPSA Committee, and thus should be taken with a rather large grain of salt. Long after this definition as applied to Series LLC was adopted by the UVTA Committee, the UPSA Committee itself continued to struggle mightily with the entire concept -- being concerned that unless a protected series was a "person" it would not be able to seek bankruptcy law protection independently from the main series organization of which it was a part.
!!!COURT OPINIONS: ORGANIZATION AND PERSON
->Nagel v. Westen, 2021 WL 58119 (Cal.App., Distr. 2, Jan. 7, 2021).
->Magliarditi v. Transfirst Group, Inc., 2019 WL 5390470 (Nev., Unpublished, Oct. 21, 2019).
[[<<]]
[[<<]]
----
!!!DEFINITION OF ORGANIZATION OPINIONS
(:pagelist link=Category.TEXT list=normal fmt=title:)
----
!!!DEFINITION OF PERSON OPINIONS
(:pagelist link=Category.TEXT list=normal fmt=title:)
----