Kentucky Statutes 355.7-401 – Irregularities in issue of receipt or bill or conduct of issuer
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The obligations imposed by this article on an issuer apply to a document of title even if: (1) The document does not comply with the requirements of this article or of any other
statute, rule, or regulation regarding its issue, 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.
Effective: July 12, 2012
History: Repealed and reenacted 2012 Ky. Acts ch. 132, sec. 26, effective July 12,
2012. — Created 1958 Ky. Acts ch. 77, sec. 7-401, effective July 1, 1960.
statute, rule, or regulation regarding its issue, form, or content;
Terms Used In Kentucky Statutes 355.7-401
- 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 Kentucky Statutes 355.7-102
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Kentucky Statutes 355.7-102
- 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 Kentucky Statutes 355.7-102
- Warehouse: means a person engaged in the business of storing goods for hire. See Kentucky Statutes 355.7-102
(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.
Effective: July 12, 2012
History: Repealed and reenacted 2012 Ky. Acts ch. 132, sec. 26, effective July 12,
2012. — Created 1958 Ky. Acts ch. 77, sec. 7-401, effective July 1, 1960.