Florida Statute 672.501 - Full Text and Legal Analysis

The 2025 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

Annotations, Discussions, Cases:

Cases Citing Statute 672.501

Total Results: 6

Faircloth v. Bouchard (In Re the International Gold Bullion Exchange, Inc.)

53 B.R. 660, 42 U.C.C. Rep. Serv. (West) 156, 1985 Bankr. LEXIS 5243

United States Bankruptcy Court, S.D. Florida. | Filed: Sep 30, 1985 | Docket: 1856601

Cited 8 times | Published

of the goods to the contract is governed by Section 672.501(1)(b), Fla.Stat., in cases such as this where

Kit Car World, Inc. v. Skolnick

616 So. 2d 1051

District Court of Appeal of Florida | Filed: Apr 2, 1993 | Docket: 1726809

Cited 2 times | Published

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

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

District Court of Appeal of Florida | Filed: Mar 17, 1988 | Docket: 64634185

Cited 2 times | Published

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

ABB Power T & D Co. v. Gothaer Versicherungsbank VVAG

939 F. Supp. 1568, 31 U.C.C. Rep. Serv. 2d (West) 96, 1997 A.M.C. 488, 1996 U.S. Dist. LEXIS 14193, 1996 WL 550054

District Court, S.D. Florida | Filed: Sep 10, 1996 | Docket: 66007407

Cited 1 times | Published

marine insurance context, *1572Fla.Stat.Ann. § 672.501(2) is inapplicable.’ ” Gothaer Motion to Amend

In re CSY Yacht Corp.

42 B.R. 619, 39 U.C.C. Rep. Serv. (West) 879, 1984 Bankr. LEXIS 4924

United States Bankruptcy Court, M.D. Florida | Filed: Sep 27, 1984 | Docket: 65778788

Published

special property interest in the goods under Fla.Stat. 672.501; (2) have paid part or all of the purchase

Harris v. Foosaner (In re Polar Chips International, Inc.)

40 B.R. 586, 1984 Bankr. LEXIS 6220

United States Bankruptcy Court, S.D. Florida. | Filed: Feb 23, 1984 | Docket: 65778742

Published

. As to identification of goods, Fla.Stats., § 672.501(1) provides: ... [Identification can be made at