The obligations imposed by this chapter on an issuer apply to a document of title regardless of the fact that:
(1) The document may not comply with the requirements of this chapter or of any other law or regulation regarding its issue, form or content; or
(2) The issuer may have violated laws regulating the conduct of the business of the issuer; or
(3) The goods covered by the document were owned by the bailee at the time the document was issued; or
(4) The person issuing the document does not come within the definition of warehouseman if it purports to be a warehouse receipt. [1961 c.726 §77.4010]
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