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General Laws

[ Text of section effective until July 1, 2013. For text effective July 1, 2013, see below.]

  Section 7-401. The obligations imposed by this Article on an issuer apply to a document of title regardless of the fact that

  (a) the document may not comply with the requirements of this Article or of any other law or regulation regarding its issue, form or content; or

  (b) the issuer may have violated laws regulating the conduct of his business; or

  (c) the goods covered by the document were owned by the bailee at the time the document was issued; or

  (d) the person issuing the document does not come within the definition of warehouseman if it purports to be a warehouse receipt.

Chapter 106: Section 7-401. Irregularities In Issue Of Receipt Or Bill Or Conduct Of Issuer

[ Text of section as recodified by 2013, 30, Sec. 45 effective July 1, 2013 applicable as provided by 2013, 30, Sec. 116. For text effective until July 1, 2013, see above.]

  Section 7-401. The obligations imposed by this article on an issuer apply to a document of title even if:

  (1) the document does not comply with the requirements of this article or of any other statute, rule or regulation regarding its issuance, form or content;

  (2) the issuer violated laws regulating the conduct of its business;

  (3) the goods covered by the document were owned by the bailee when the document was issued; or

  (4) the person issuing the document is not a warehouse but the document purports to be a warehouse receipt.

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