§ 2501. Insurable interest in goods; manner of identification of goods
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code
13 Pa.C.S.A. § 2501
§ 2501. Insurable interest in goods; manner of identification of goods
(a) General rule.--The buyer obtains a special property and an insurable interest in goods by identification of existing goods as goods to which the contract refers even though the goods so identified are nonconforming and he has an option to return or reject them. Such identification can be made at any time and in any manner explicitly agreed to by the parties. In the absence of explicit agreement identification occurs as follows:
(3) When the crops are planted or otherwise become growing crops or the young are conceived if the contract is for the sale of unborn young to be born within 12 months after contracting or for the sale of crops to be harvested within 12 months or the next normal harvest season after contracting whichever is longer.
(b) Duration of insurable interest and substitution of goods.--The seller retains an insurable interest in goods so long as title to or any security interest in the goods remains in him and where the identification is by the seller alone he may until default or insolvency or notification to the buyer that the identification is final substitute other goods for those identified.
Credits
1979, Nov. 1, P.L. 255, No. 86, § 1, effective Jan. 1, 1980.
13 Pa.C.S.A. § 2501, PA ST 13 Pa.C.S.A. § 2501
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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