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<section article="gcl" article_name="Commercial Law" number="8-201" title_number="8" title_name="Investment Securities" subtitle_number="2" subtitle_name="Issue and Issuer">
  <level label="a">
    <text>With respect to an obligation on or a defense to a security, an “issuer” includes a person that:</text>
    <level label="1">
      <text>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;</text>
    </level>
    <level label="2">
      <text>Creates a share, participation, or other interest in its property or in an enterprise, or undertakes an obligation, that is an uncertificated security;</text>
    </level>
    <level label="3">
      <text>Directly or indirectly creates a fractional interest in its rights or property, if the fractional interest is represented by a security certificate; or</text>
    </level>
    <level label="4">
      <text>Becomes responsible for, or in place of, another person described as an issuer in this section.</text>
    </level>
  </level>
  <level label="b">
    <text>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.</text>
  </level>
  <level label="c">
    <text>With respect to a registration of a transfer, issuer means a person on whose behalf transfer books are maintained.</text>
  </level>
</section>
