Florida Statute 672.501 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS

Chapter 672
UNIFORM COMMERCIAL CODE: SALES

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F.S. 672.501

672.501 Insurable interest in goods; manner of identification of goods.—

(1) 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 the buyer 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:

(a) When the contract is made if it is for the sale of goods already existing and identified;

(b) If the contract is for the sale of future goods other than those described in paragraph (c), when goods are shipped, marked or otherwise designated by the seller as goods to which the contract refers;

(c) 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.

(2) The seller retains an insurable interest in goods so long as title to or any security interest in the goods remains in him or her and where the identification is by the seller alone he or she may until default or insolvency or notification to the buyer that the identification is final substitute other goods for those identified.

(3) Nothing in this section impairs any insurable interest recognized under any other statute or rule of law.

History.—s. 1, ch. 65-254; s. 577, ch. 97-102.

Note.—s. 2-501, U.C.C.

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Amendments to 672.501

Arrestable Offenses / Crimes under Fla. Stat. 672.501

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 672.501.

Annotations, Discussions, Cases:

Cases Citing Statute 672.501

Total Results: 3

Kit Car World, Inc. v. Skolnick

Court: District Court of Appeal of Florida | Date Filed: 1993-04-02

Citation: 616 So. 2d 1051

Snippet: seller as goods to which the contract refers. See § 672.501(1)(b), Fla. Stat. (1991); Daniel v. Bank of Hayward

Equico Lessors, Inc. v. Maruka Machinery Corp. of America

Court: District Court of Appeal of Florida | Date Filed: 1988-03-17

Citation: 523 So. 2d 665, 13 Fla. L. Weekly 704, 5 U.C.C. Rep. Serv. 2d (West) 992, 1988 Fla. App. LEXIS 1067, 1988 WL 21663

Snippet: support the directed verdict, as shown by section 672.501, Florida Statutes (1979), which provided: (1) The

Ago

Court: Florida Attorney General Reports | Date Filed: 1982-02-11

Snippet: physical delivery of the goods . . . .' See also ss 672.501(1), (a) and (b), F.S. The remaining question is