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This article has 11 comments

  1. admin

    well OK. When pointing out a definition always include the section the definition is from AND I bet that the IRC also redefines “individual” in multiple sections differently.

    The IRC is federal law applicable to federal persons (US citizens) so that definition makes sense. In the USA, state citizen status seems to be one path out from under the IRC.

    Also, individual does not necessarily include a natural or private person, it depends on the specific definition.

  2. pamela

    under the irc,”individual” means a citizen of the united states.

  3. admin

    I’m not sure why ‘private’ would be not recommended. Equity and law recognize ‘private’ as being of special status, disticnt from ‘public’. Hard to take the concept you suggest seriously without some research link/material to explain why what you suggest is of concern.

  4. Zoe-shalom

    If I’m not mistaken…here on the united States of America, dont use the word “private” when making mention of trust or accounts…they use language like ordinary or personal trust or account…

    Just a couple of cents worth investigation 🙂

  5. Robert

    Hello just starting to wake up .great info

  6. admin

    There is USA info re bank accounts on this website, that other people have researched and i have not confirmed. It was included as part of the FIRST webinar in the links provided/download section. I have now copied the USA links to this page as well. Happy researching and application.

  7. Erik Norden

    This may work in Canada, for which I have no admissible EVIDENCE. However, in the States I cannot find any reference regarding “private bank accounts”. I have been Googling literally for DAYS with only minor results. This is what turned up so far —
    12 CFR 204.2 – Definitions.
    For purposes of this part, the following definitions apply unless otherwise specified:
    (g) Natural person means an individual or a sole proprietorship. The term does not mean a corporation owned by an individual, a partnership or other association.

    We already know that we do NOT want an “individual” demand deposit account. But there is NOTHING about any “private account” in my searches, and a “natural person” is defined as an “individual”. I will publish a more in-depth look at these terms in the near future. But for now, any help with locating supporting statutes for a “private account” would be appreciated. There apparently is no support in 12 CFR, which is the U.S. Banking Act. Thanks.

  8. Ian Rossiter

    Excellent information; I now need to check with the legislation here in the UK even though Canadian Law is based on UK law.

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