{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-2-501","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-2-501","heading":"Insurable Interest in Goods; Manner of Identification","body":"of Goods.\n\n(1) The buyer obtains a special property and an insurable\n\ninterest in goods by identification of existing goods as goods to\n\nwhich the contract refers even though the goods so identified are\n\nnonconforming and he has an option to return or reject them. Such\n\nidentification can be made at any time and in any manner explicitly\n\nagreed to by the parties. In the absence of explicit agreement\n\nidentification occurs\n\n(a) when the contract is made if it is for the sale of\n\ngoods already existing and identified;\n\n(b) if the contract is for the sale of future goods other\n\nthan those described in paragraph (c), when goods are shipped,\n\nmarked or otherwise designated by the seller as goods to which the\n\ncontract refers;\n\n(c) when the crops are planted or otherwise become growing\n\ncrops or the young are conceived if the contract is for the sale of\n\nunborn young to be born within twelve (12) months after contracting\n\nor for the Sale of crops to be harvested within twelve (12) months\n\nor the next normal harvest season after contracting whichever is\n\nlonger.\n\n(2) The seller retains an insurable interest in goods so long\n\nas title to or any security interest in the goods remains in him and\n\nwhere the identification is by the seller alone he may until default\n\nor insolvency or notification to the buyer that the identification\n\nis final substitute other goods for those identified.\n\n(3) Nothing in this section impairs any insurable interest\n\nrecognized under any other statute or rule of law.","path":["OK Code","Title 12A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"f010f16999dae4bba4188a00d793820372f0449e62a11c0f4ce082f90caa20a1","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-2-403","next":"us-ok/okla.-stat.-tit.-12a-12a-2-502"},"notice":"GroundRules: Original legal text. Not legal advice."}