§ 7401 Issuer Obligations Despite Defects

• •The rules for the person who gives out a document of title still apply, even if the document isn't perfect or follows all the rules.
• •It doesn't matter if the person who gave out the document broke some business laws, the document still has to follow the rules.
• •Even if the stuff listed in the document was owned by someone else when the document was made, the rules still apply.
• •If someone who isn't a warehouse gives out a document that looks like a warehouse receipt, the rules still apply.

A company gives you a paper saying they're holding your bike in their storage, but they're not actually a storage company.

Even though the company isn't a real storage place, they still have to follow the rules for that paper they gave you.