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; |
Terms Used In Utah Code 70A-7a-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 Utah Code 70A-7a-102
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Utah Code 70A-7a-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 Utah Code 70A-7a-102
- Person: means :Utah Code 68-3-12.5
- Statute: A law passed by a legislature.
- Warehouse: means a person engaged in the business of storing goods for hire. See Utah Code 70A-7a-102
(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. |
Enacted by Chapter 42, 2006 General Session