Indiana Code 26-1-7-401. Irregularities in issue of receipt or bill or conduct of issuer
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Sec. 401. The obligations imposed by this chapter on an issuer apply to a document of title even if:
(2) the issuer violated laws regulating the conduct of its business;
(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;
Terms Used In Indiana Code 26-1-7-401
- 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 Indiana Code 26-1-7-102
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Indiana Code 26-1-7-102
- 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 Indiana Code 26-1-7-102
- Statute: A law passed by a legislature.
- Warehouse: means a person engaged in the business of storing goods for hire. See Indiana Code 26-1-7-102
(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.
Formerly: Acts 1963, c.317, s.7-401. As amended by P.L.152-1986, SEC.254; P.L.143-2007, SEC.48.