N.Y. Uniform Commercial Code 7-401 – Irregularities in Issue of Receipt or Bill or Conduct of Issuer
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Section 7–401. Irregularities in Issue of Receipt or Bill or Conduct of
Terms Used In N.Y. Uniform Commercial Code 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 N.Y. Uniform Commercial Code 7-102
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See N.Y. Uniform Commercial Code 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 N.Y. Uniform Commercial Code 7-102
- Statute: A law passed by a legislature.
- Warehouse: means a person engaged in the business of storing goods for hire. See N.Y. Uniform Commercial Code 7-102
Issuer.
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.