Person (Bankruptcy) Law and Legal Definition

According to Federal Bankruptcy Code 11 USCS § 101 [Title 11. Bankruptcy; Chapter 1. General provisions] the term person includes “individual, partnership, and corporation, but does not include governmental unit, except that a governmental unit that--

(A) acquires an asset from a person--

(i) as a result of the operation of a loan guarantee agreement; or

(ii) as receiver or liquidating agent of a person;

(B) is a guarantor of a pension benefit payable by or on behalf of the debtor or an affiliate of the debtor; or

(C) is the legal or beneficial owner of an asset of--

(i) an employee pension benefit plan that is a governmental plan, as defined in section 414(d) of the Internal Revenue Code of 1986 [26 USCS § 414(d)]; or

(ii) an eligible deferred compensation plan, as defined in section 457(b) of the Internal Revenue Code of 1986 [26 USCS § 457(b)];

shall be considered, for purposes of section 1102 of this title [11 USCS § 1102], to be a person with respect to such asset or such benefit.”