Florida Statutes
Fla. Stat. § 672.501 (2025)
Insurable interest in goods; manner of identification of goods.
✓ 2025 Florida Statutes — current through the 2025 Regular Session
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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.
Note.—s. 2-501, U.C.C.
Notes of Decisions
Cited in 9
cases, 1978–2019 · leading case: In re Miami Metals I, Inc., 603 B.R. 727 (Bankr. S.D.N.Y. 2019).
In re Miami Metals I, Inc., 603 B.R. 727 (Bankr. S.D.N.Y. 2019). “See Fla. Stat. Ann. § 672.501 (b). As such, even though execution of the Executed Terms may not, by itself, give rise to finalized contracts for the sale of goods, the Executed Terms appear to constitute contracts for the future sale of the goods, with such goods being…”
ABB Power T & D Co. v. Gothaer Versicherungsbank VVAG, 939 F. Supp. 1568 (S.D. Fla. 1996). “§ 672.501 (emphasis added): (2) The seller retains an insurable interest in goods so long as title to or any security interest in the goods remains in him.”
Kit Car World, Inc. v. Skolnick, 616 So. 2d 1051 (Fla. 5th DCA 1993). “There was no evidence that even this particular kit had been identified to a specific contract.”
Faircloth v. Bouchard (In Re the Int'l Gold Bullion Exch., Inc.), 53 B.R. 660 (Bankr. S.D. Florida 1985). “Identification of the goods to the contract is governed by Section 672.501(l)(b), Fla.Stat., in cases such as this where the goods are “future” goods and this identification occurs when the goods are shipped.”
Dorado Marine, Inc. v. Kollenbaum (In Re Dorado Marine, Inc.), 321 B.R. 581 (Bankr. M.D. Fla. 2005). “Discussion Florida Statutes §§ 672.501, 672.502, 672.508, 672.601, 672.”
Equico Lessors, Inc. v. Maruka Mach. Corp. of Am., 523 So. 2d 665 (Fla. 5th DCA 1988). “The fact that the transfer papers preceded Mercury’s physical possession of the machine by approximately a week does not support the directed verdict, as shown by section 672.501, Florida Statutes (1979), which provided: (1) The buyer obtains a special property and an insurable…”
Harris v. Foosaner (In re Polar Chips Int'l, Inc.), 40 B.R. 586 (Bankr. S.D. Florida 1984). “, § 672.501(1) provides: ... [Identification can be made at any time and in any manner explicitly agreed to by the parties.”
In re CSY Yacht Corp., 42 B.R. 619 (Bankr. M.D. Fla. 1984). “The buyer must (1) have a special property interest in the goods under Fla.Stat. 672.501; (2) have paid part or all of the purchase price; and (3) keep good a tender of any unpaid portion of the purchase price.”
Drewry v. Thompson Door Co., 47 Fla. Supp. 177 (Fla. Cir. Ct., Broward Cty. 1978). “201(44), and §672.501, Florida Statutes. 17. The security interest of Drewry in the subject doorskins was prior and superior to any lien acquired by Paley & Tucker by virtue of the failure of Thompson Door to pay rent under its lease.”
— 672.501(1) — 1 case
Harris v. Foosaner (In re Polar Chips Int'l, Inc.), 40 B.R. 586 (Bankr. S.D. Florida 1984). “, § 672.501(1) provides: ... [Identification can be made at any time and in any manner explicitly agreed to by the parties.”
— 672.501(1)(b) — 1 case
Kit Car World, Inc. v. Skolnick, 616 So. 2d 1051 (Fla. 5th DCA 1993). “There was no evidence that even this particular kit had been identified to a specific contract.”
— 672.501(2) — 1 case
ABB Power T & D Co. v. Gothaer Versicherungsbank VVAG, 939 F. Supp. 1568 (S.D. Fla. 1996). “§ 672.501 (emphasis added): (2) The seller retains an insurable interest in goods so long as title to or any security interest in the goods remains in him.”
— 672.501(l)(b) — 1 case
Faircloth v. Bouchard (In Re the Int'l Gold Bullion Exch., Inc.), 53 B.R. 660 (Bankr. S.D. Florida 1985). “Identification of the goods to the contract is governed by Section 672.501(l)(b), Fla.Stat., in cases such as this where the goods are “future” goods and this identification occurs when the goods are shipped.”
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