Person Related to Security Transaction Law and Legal Definition
Person related to a security transaction refers to the persons connected with the securities transaction. The Uniform Commercial Code classifies persons related to security transactions into two:
1. in respect to an individual; and
2. in respect to an organization.
The phrase “person related to” has been defined in the Uniform Commercial Code.
Person related to in respect of an individual is defined as:
(A) the spouse of the individual;
(B) a brother, brother-in-law, sister, or sister-in-law of the individual;
(C) an ancestor or lineal descendant of the individual or the individual's spouse; or
(D) any other relative, by blood or marriage, of the individual or the individual's spouse who shares the same home with the individual.
The term person related to in relation to organizations is defined in U.C.C. § 9-102 (63) as
(A) a person directly or indirectly controlling, controlled by, or under common control with the organization;
(B) an officer or director of, or a person performing similar functions with respect to, the organization;
(C) an officer or director of, or a person performing similar functions with respect to, a person described in subparagraph (A);
(D) the spouse of an individual described in subparagraph (A), (B), or (C); or
(E) an individual who is related by blood or marriage to an individual described in subparagraph (A), (B), (C), or (D) and shares the same home with the individual.
Legal Definition list
- Person of Interest
- Person Indemnified
- Person Holding a Casino Interest
- Person Entitled to Priority Consideration [Civil Service Regulations]
- Person Entitled to Enforce an Instrument
- Person Related to Security Transaction
- Person With a Severe Disability (Labor)
- Person with Disabilities
- Person With Severe Disabilities
- Persona Designata
- Persona Non Grata
