47-8201. 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.