R.I. Gen. Laws
Rhode Island General Laws

R.I. Gen. Laws § 6A-2-501 (2026)

Insurable interest in goods — Manner of identification of goods

✓ current as of July 2026
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(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 he or she 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 subdivision (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 twelve (12) months after contracting or for the sale of crops to be harvested within twelve (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.

Notes of Decisions
Cited in 3 cases, 1979–1992 · leading case: Holstein v. Greenwich Yacht Sales, Inc., 404 A.2d 842 (R.I. 1979).
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Holstein v. Greenwich Yacht Sales, Inc., 404 A.2d 842 (R.I. 1979). · cites it 4× “Section 6A-2-501 recognizes that from the moment when goods are identified to a contract of sale, the buyer has a “special property * * * interest” which may arise before the *215 passage of title or the seller’s delivery of the goods.”
Serra v. Ford Motor Credit Co., 463 A.2d 142 (R.I. 1983). “2d at 844 (quoting § 6A-2-501). We are not persuaded by the rationale and supporting authority that defendant employs in urging us to reconsider Holstein .”
In Re Narragansett Clothing Co., 138 B.R. 354 (Bankr. D.R.I. 1992). “Laws § 6A-2-501. 3. As a result of that breach, FDI has an action for the price ($74,678.”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.