California Commercial Code 7401 – The obligations imposed by this division on an issuer apply to a …
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The obligations imposed by this division on an issuer apply to a document of title even if:
(1) the document does not comply with the requirements of this division or of any other statute, rule, or regulation regarding its issuance, form, or content;
Terms Used In California Commercial Code 7401
- 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 California Commercial Code 7102
- Document of title: includes a bill of lading, dock warrant, dock receipt, warehouse receipt, or order for the delivery of goods, and also any other document which in the regular course of business or financing is treated as adequately evidencing that the person in possession of it is entitled to receive, hold, and dispose of the document and the goods it covers. See California Commercial Code 1201
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See California Commercial Code 7102
- 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 California Commercial Code 7102
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See California Commercial Code 1201
- Statute: A law passed by a legislature.
- Warehouse: means a person engaged in the business of storing goods for hire. See California Commercial Code 7102
- Warehouse receipt: means a receipt issued by a person engaged in the business of storing goods for hire. See California Commercial Code 1201
(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.
(Repealed and added by Stats. 2006, Ch. 254, Sec. 49. Effective January 1, 2007.)