N.Y. U.C.C. 7-401

Section 7--401. Irregularities in Issue of Receipt or Bill or Conduct of\n Issuer.\n The obligations imposed by this article on an issuer apply to a\ndocument of title even if:\n (1) the document does not comply with the requirements of this article\nor of any other statute, rule, or regulation regarding its issuance,\nform, or content;\n (2) the issuer violated laws regulating the conduct of its business;\n (3) the goods covered by the document were owned by the bailee when\nthe document was issued; or\n (4) the person issuing the document is not a warehouse but the\ndocument purports to be a warehouse receipt.\n