§ 6A-2-501 Insurable interest in goods– Manner of identification of goods. – (1) The buyer obtains a special property and an insurable interest in goods byidentification of existing goods as goods to which the contract refers eventhough the goods so identified are nonconforming and he or she has an option toreturn or reject them. Such identification can be made at any time and in anymanner explicitly agreed to by the parties. In the absence of explicitagreement, identification occurs:
(a) When the contract is made if it is for the sale of goodsalready existing and identified;
(b) If the contract is for the sale of future goods otherthan those described in subdivision (c), when goods are shipped, marked, orotherwise designated by the seller as goods to which the contract refers;
(c) When the crops are planted or otherwise become growingcrops or the young are conceived if the contract is for the sale of unbornyoung to be born within twelve (12) months after contracting or for the sale ofcrops to be harvested within twelve (12) months or the next normal harvestseason after contracting whichever is longer.
(2) The seller retains an insurable interest in goods so longas title to or any security interest in the goods remains in him or her andwhere the identification is by the seller alone he or she may, until default orinsolvency or notification to the buyer that the identification is final,substitute other goods for those identified.
(3) Nothing in this section impairs any insurable interestrecognized under any other statute or rule of law.
§ 6A-2-501 Insurable interest in goods– Manner of identification of goods. – (1) The buyer obtains a special property and an insurable interest in goods byidentification of existing goods as goods to which the contract refers eventhough the goods so identified are nonconforming and he or she has an option toreturn or reject them. Such identification can be made at any time and in anymanner explicitly agreed to by the parties. In the absence of explicitagreement, identification occurs:
(a) When the contract is made if it is for the sale of goodsalready existing and identified;
(b) If the contract is for the sale of future goods otherthan those described in subdivision (c), when goods are shipped, marked, orotherwise designated by the seller as goods to which the contract refers;
(c) When the crops are planted or otherwise become growingcrops or the young are conceived if the contract is for the sale of unbornyoung to be born within twelve (12) months after contracting or for the sale ofcrops to be harvested within twelve (12) months or the next normal harvestseason after contracting whichever is longer.
(2) The seller retains an insurable interest in goods so longas title to or any security interest in the goods remains in him or her andwhere the identification is by the seller alone he or she may, until default orinsolvency or notification to the buyer that the identification is final,substitute other goods for those identified.
(3) Nothing in this section impairs any insurable interestrecognized under any other statute or rule of law.
§ 6A-2-501 Insurable interest in goods– Manner of identification of goods. – (1) The buyer obtains a special property and an insurable interest in goods byidentification of existing goods as goods to which the contract refers eventhough the goods so identified are nonconforming and he or she has an option toreturn or reject them. Such identification can be made at any time and in anymanner explicitly agreed to by the parties. In the absence of explicitagreement, identification occurs:
(a) When the contract is made if it is for the sale of goodsalready existing and identified;
(b) If the contract is for the sale of future goods otherthan those described in subdivision (c), when goods are shipped, marked, orotherwise designated by the seller as goods to which the contract refers;
(c) When the crops are planted or otherwise become growingcrops or the young are conceived if the contract is for the sale of unbornyoung to be born within twelve (12) months after contracting or for the sale ofcrops to be harvested within twelve (12) months or the next normal harvestseason after contracting whichever is longer.
(2) The seller retains an insurable interest in goods so longas title to or any security interest in the goods remains in him or her andwhere the identification is by the seller alone he or she may, until default orinsolvency or notification to the buyer that the identification is final,substitute other goods for those identified.
(3) Nothing in this section impairs any insurable interestrecognized under any other statute or rule of law.
