§ 41-08-17 — (8-201) Issuer

1. With respect to an obligation on or a defense to a security, an "issuer" includes a
person who:
a. 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;
b. Creates a share, participation, or other interest in its property or in an enterprise,
or undertakes an obligation, that is an uncertificated security;
c. Directly or indirectly creates a fractional interest in its rights or property, if the
fractional interest is represented by a security certificate; or
d. Becomes responsible for, or in place of, another person described as an issuer in
this section.
2. 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.
3. With respect to a registration of a transfer, issuer means a person on whose behalf
transfer books are maintained.