Irregularities in issue of receipt or bill or conduct of

issuer. The obligations imposed by Chapter 55, Article 7 NMSA 1978 on an issuer apply to a document of title even if: (1) the document does not comply with the requirements of Chapter 55, Article 7 NMSA 1978 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. History: 1953 Comp., § 50A-7-401, enacted by Laws 1961, ch. 96, § 7-401; 2005, ch. 144, § 76.