Section 400.8-201

Title XXVI TRADE AND COMMERCE

Chapter 400

Effective - 28 Aug 1997   

  400.8-201.  Issuer. — (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 certificate.

  (c)  With respect to a registration of a transfer, issuer means a person on whose behalf transfer books are maintained.

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(L. 1963 p. 503 § 8-201, A.L. 1992 S.B. 448, A.L. 1997 S.B. 6)