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

Terms Used In North Dakota Code 41-07-26

     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.