440.8201 “Issuer” defined.
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440.8201 “Issuer” defined.
Sec. 8201.
(1)With respect to an obligation on or a defense to a security, an "issuer" includes a person that does 1 or more of the following:
(a)Places or authorizes the placing of its name on a security certificate, other than as authenticating trustee, registrar, transfer agent, or similar person, 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.
(b)Creates a share, participation, or other interest in its property or in an enterprise, or undertakes an obligation, that is an uncertificated security.
(c)Directly or indirectly creates a fractional interest in its rights or property, if the fractional interest is represented by a security certificate.
(d)Becomes responsible for, or in place of, another 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 its guaranty, whether or not its obligation is noted on a security certificate.
(3)With respect to a registration of a transfer, issuer means a person on whose behalf transfer books are maintained.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1987, Act 16, Imd. Eff. Apr. 24, 1987 ;-- Am. 1998, Act 278 , Imd. Eff. July 27, 1998