2006 New Mexico Statutes - 55-7-401 — Irregularities in issue of receipt or bill or conduct of issuer.

55-7-401. 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.