{"data":{"id":"us-ky/krs-355.2-501","jurisdiction":"us-ky","citation":"KRS 355.2-501","heading":"Insurable interest in goods -- Manner of identification of goods.","body":"(1) The buyer obtains a special property and an insurable interest in goods by\nidentification of existing goods as goods to which the contract refers even though\nthe goods so identified are nonconforming and he has an option to return or reject\nthem. Such iden tification can be made at any time and in any manner explicitly\nagreed to by the parties. In the absence of explicit agreement identification occurs\n(a) when the contract is made if it is for the sale of goods already existing and\nidentified;\n(b) if the co ntract is for the sale of future goods other than those described in\nparagraph (c), when goods are shipped, marked or otherwise designated by the\nseller as goods to which the contract refers;\n(c) when the crops are planted or otherwise become growing crops  or the young\nare conceived if the contract is for the sale of unborn young to be born within\ntwelve (12) months after contracting or for the sale of crops to be harvested\nwithin twelve (12) months or the next normal harvest season after contracting\nwhichever is longer.\n(2) The seller retains an insurable interest in goods so long as title to or any security\ninterest in the goods remains in him and where the identification is by the seller\nalone he may until default or insolvency or notification to the buye r that the\nidentification is final substitute other goods for those identified.\n(3) Nothing in this section impairs any insurable interest recognized under any other\nstatute or rule of law.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33292","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:42Z","sha256":"d8f91f243f06ac383a4660bb112a6c8c5cfb241bb9a87d7d0a433f7674066d0c","source_id":"us-ky","stale":false,"prev":"us-ky/krs-355.2-403","next":"us-ky/krs-355.2-502"},"notice":"GroundRules: Original legal text. Not legal advice."}