(a) With respect to an obligation on or a defense to a security, an issuer includes
a person that:
(1) Places or authorizes the placing of its name on a security certificate, other
than as authenticating trustee, registrar, transfer agent, or the like, to evidence
a share, participation or other interest in its property or in an enterprise, or to
evidence its duty to perform an obligation represented by the certificate;
(2) creates a share, participation or other interest in its property or in an enterprise,
or undertakes an obligation, that is an uncertificated security;
(3) directly or indirectly creates a fractional interest in its rights or property,
if the fractional interest is represented by a security certificate; or
(4) becomes responsible for, or in place of, another person described as an issuer
in this section.
(b) With respect to an obligation on or defense to a security, a guarantor is an issuer
to the extent of its guaranty, whether or not its obligation is noted on a security
(c) With respect to a registration of a transfer, issuer means a person on whose behalf
transfer books are maintained.
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