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.
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Terms Used In Illinois Compiled Statutes 810 ILCS 5/7-401

  • Bailee: means a person that by a warehouse
    
receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them. See Illinois Compiled Statutes 810 ILCS 5/7-102
  • Goods: means all things that are treated as
    •     
    movable for the purposes of a contract for storage or transportation. See Illinois Compiled Statutes 810 ILCS 5/7-102
  • Issuer: means a bailee that issues a document of
    •     
    title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See Illinois Compiled Statutes 810 ILCS 5/7-102
  • Statute: A law passed by a legislature.
  • Warehouse: means a person engaged in the
    •     
    business of storing goods for hire. See Illinois Compiled Statutes 810 ILCS 5/7-102
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