N.D. Cent. Code § 41-08-17: (8-201) Issuer

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 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;

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; or

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.