The Vermont Statutes Online

Title 9A : Uniform Commercial Code

Article 008 : Investment Securities

• § 8—201. 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. (Added 1995, No. 92 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)