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(a) With respect to an obligation on or a defense to a security, an 'issuer' includes a person that:\n(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;\n(2) creates a share, participation, or other interest in its property or in an enterprise, or undertakes an obligation, that is an uncertificated security;\n(3) directly or indirectly creates a fractional interest in its rights or property, if the fractional interest is represented by a security certificate, or\n(4) becomes responsible for, or in place of, another person described as an issuer in this section.\n(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 certificate.\n(c) With respect to a registration of a transfer, issuer means a person on whose behalf transfer books are maintained.\nHistory —Aug. 17, 1995, No.

its obligation is noted on a security certificate.\n(c) With respect to a registration of a transfer, issuer means a person on whose behalf transfer books are maintained.\nHistory —Aug. 17, 1995, No. 208, added as § 8-201 on Sept. 19, 1996, No. 241, § 12.