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 his or her 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 his or her property or in an enterprise, or to evidence his or her duty to perform an obligation represented by the certificate; (b) Creates a share, participation or other interest in his or her property or in an enterprise, or undertakes an obligation, that is an uncertificated security; (c) Directly or indirectly creates a fractional interest in his or her rights or property, if the fractional interest is represented by a security certificate; or (d) Becomes responsible for, or in place of, any other 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 his or her guaranty, whether or not the guarantors obligation is noted on a security certificate. 3. With respect to registration of transfer, issuer means a person on whose behalf transfer books are maintained.
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