Section 7--401. Irregularities in Issue of Receipt or Bill or Conduct of

Issuer.

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.