Which of the following defines 'Convict'?

The definition of 'Convict' specifically refers to an individual who has been found guilty of a crime and is serving a prison sentence as a result of that conviction. This understanding is rooted in criminal law, where the term implies that a legal process has taken place, leading to the individual's punishment through incarceration.

In contrast, the other options represent different legal concepts. The first option refers to a 'legal entity' created by a statute, commonly known as a corporation or similar entity, not related to criminality. The third option describes an individual facing financial insolvency and is connected to bankruptcy law rather than criminal law. Lastly, the fourth option pertains to international relations, defining the status of a foreign national residing in a country at peace, which does not have any relevance to criminal convictions. Therefore, the definition of 'Convict' as an individual serving a prison sentence is clearly distinct and accurate among the provided choices.