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