Indiana Code 26-1-2-501. Insurable interest in goods; manner of identification of goods
(a) when the contract is made if it is for the sale of goods already existing and identified;
Terms Used In Indiana Code 26-1-2-501
- Contract: A legal written agreement that becomes binding when signed.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Statute: A law passed by a legislature.
(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 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.
(3) Nothing in this section impairs any insurable interest recognized under any other statute or rule of law.
Formerly: Acts 1963, c.317, s.2-501.