(1) the document does not comply with the requirements of this article
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.
Structure New York Laws
Article 7 - Documents of Title
Part 4 - Warehouse Receipts and Bills of Lading: General Obligations
7-401 - Irregularities in Issue of Receipt or Bill or Conduct of Issuer.
7-402 - Duplicate Document of Title; Overissue.
7-403 - Obligation of Bailee to Deliver; Excuse.
7-404 - No Liability for Good-Faith Delivery Pursuant to Document of Title.