No, we don't believe that the right of rescission (ROR) would apply. Regulation Z exempts all extensions of credit that are not made to natural persons (in addition to exempting all business-purpose credit), and we agree that a trust should not be considered a natural person. See 12 CFR 1026.3(a)(2) and Comment 10, Official Staff Commentary, 1026.3(a). (However, note that RESPA does not have a similar exemption for business credit or other credit not extended to natural persons.)

Further, in the definition of “person,” Regulation Z distinguishes between a “natural person” and the other types of persons listed, including “an organization, including a corporation, partnership, proprietorship, association, cooperative, estate, trust, or government unit.” 12 CFR 1026.2(a)(22) (emphasis in bold added). While the trustee of the trust may be a natural person, that person would be borrowing on behalf of the trust as a representative of the trust, not on his or her own behalf.