# Commercial Law (GCL)

## Title 8. Investment Securities

### Subtitle 2. Issue and Issuer

#### Section 8-201

(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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Md. Code Ann., Com. Law (as displayed at mgaleg.maryland.gov, October 16, 2026)