A person or his agent or officer may not issue any warehouse receipt, acceptance of an order, or other voucher for storage or deposit in the State of any goods if, at the time the instrument is issued, the goods are not: In his actual possession or custody; On his premises; or Under his absolute and exclusive control. A warehouseman or his officer, agent, or employee may not issue or aid in issuing a warehouse receipt for any goods with the knowledge that, at the time the warehouse receipt is issued, the goods: Have not been received by the warehouseman; or Are not under the control of the warehouseman.

Except as provided by § 7-601 of this article, a warehouseman or his officer, agent, or employee may not issue or aid in issuing a duplicate or additional negotiable warehouse receipt for any goods: Without a conspicuous notation on its face of the word “duplicate”; With knowledge that the original warehouse receipt for the goods is outstanding and uncancelled.

A warehouseman or his officer, agent, or employee may not issue or aid in issuing a warehouse receipt for goods: With intent to defraud; and With the knowledge that it contains a false statement.

A warehouseman or his officer, agent, or employee, with the knowledge that any goods deposited with or held by the warehouseman are in fact goods of which the warehouseman, solely, jointly, or in common with others, is an owner, may not issue or aid in issuing a negotiable warehouse receipt for the goods which does not state that ownership.

Except as provided by § 7-601 of this article, a warehouseman or his officer, agent, or employee may not deliver goods out of the possession of the warehouseman: With knowledge that a negotiable warehouse receipt, the negotiation of which would transfer the right to the possession of the goods, is outstanding and uncancelled; and Without obtaining the possession of the warehouse receipt at or before the time of the delivery.

A person may not deposit goods to which he has no title or on which there is a lien or security interest and take a negotiable warehouse receipt for the goods and negotiate it for value: With intent to defraud; and Without disclosing his lack of title or the existence of the lien or security interest.

A bonded or distillery warehouse, as defined by the federal Tariff Act, located in the State is subject to all provisions of this subtitle not inconsistent with the Tariff Act.