The obligations imposed by this chapter on an issuer apply to a document of title even if:

1. (1) the document does not comply with the requirements of this chapter or of any other statute, rule, or regulation regarding its issuance, form, or content;
2. (2) the issuer violated laws regulating the conduct of its business;
3. (3) the goods covered by the document were owned by the bailee when the document was issued; or

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

   Formerly: Acts 1963, c.317, s.7-401. As amended by P.L.152-1986, SEC.254; P.L.143-2007, SEC.48.