§ 7-401

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

(1) The document does not comply with the requirements of this title 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.