407.401 Irregularities in issue of receipt or bill or conduct of issuer. The obligations imposed by this chapter on an issuer apply to a document of title even if any of the following are satisfied:
(1) The document does not comply with the requirements of this chapter or of any other statute, rule, or regulation regarding its issue, 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.
(4) The person issuing the document is not a warehouse but the document purports to be a warehouse receipt.
History: 2009 a. 322.
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