Vermont § 201 - § 8—201.

§ 201. § 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.)