The 2023 Florida Statutes (including Special Session C)

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.

F.S. 672.501 on Google Scholar

F.S. 672.501 on Casetext

Amendments to 672.501

Arrestable Offenses / Crimes under Fla. Stat. 672.501

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 672.501.

Annotations, Discussions, Cases:

Cases from cite.case.law:

IN RE MIAMI METALS I, INC., 603 B.R. 727 (Bankr. S.D.N.Y. 2019)

. . . . § 672.501(b). . . .

In DORADO MARINE, INC. v. TLB, An N. A., 321 B.R. 581 (Bankr. M.D. Fla. 2005)

. . . Discussion Florida Statutes §§ 672.501, 672.502, 672.508, 672.601, 672.602, 672.606, 672.703, 672.706 . . .

BMC INDUSTRIES, INC. v. BARTH INDUSTRIES, INC. f. k. a. Co. BIC f. k. a., 160 F.3d 1322 (11th Cir. 1998)

. . . Stat. ch. 672.501(l)(b) (1997) (discussing identification in the context of receiving an insurable interest . . .

ABB POWER T D COMPANY, INC. v. GOTHAER VERSICHERUNGSBANK VVAG, ABB POWER T D COMPANY, INC. v. ARKWRIGHT MUTUAL INSURANCE CO., 939 F. Supp. 1568 (S.D. Fla. 1996)

. . . . § 672.501(2) is inapplicable.’ ” Gothaer Motion to Amend at 2 (quoting Gothaer Order, p. 16); 2. . . . According to Fla.Stat.Ann. § 672.501 (emphasis added): (2) The seller retains an insurable interest in . . .

KIT CAR WORLD, INC. v. SKOLNICK, AMERICAN SURETY AND CASUALTY COMPANY, v. KIT CAR WORLD, INC., 616 So. 2d 1051 (Fla. Dist. Ct. App. 1993)

. . . See § 672.501(l)(b), Fla.Stat. (1991); Daniel v. . . . See § 672.501, Fla.Stat. (1991); Holstein v. . . .

EQUICO LESSORS, INC. v. MARUKA MACHINERY CORPORATION OF AMERICA,, 523 So. 2d 665 (Fla. Dist. Ct. App. 1988)

. . . possession of the machine by approximately a week does not support the directed verdict, as shown by section 672.501 . . .

In INTERNATIONAL GOLD BULLION EXCHANGE, INC. a FAIRCLOTH, v. Mr. F. F. BOUCHARD,, 53 B.R. 660 (Bankr. S.D. Fla. 1985)

. . . Identification of the goods to the contract is governed by Section 672.501(l)(b), Fla.Stat., in cases . . .

In CSY YACHT CORPORATION,, 42 B.R. 619 (Bankr. M.D. Fla. 1984)

. . . The buyer must (1) have a special property interest in the goods under Fla.Stat. 672.501; (2) have paid . . . goods, it is necessary to refer to Fla.Stat. § 672.-501(l)(a) and (b) which provides as follows: § 672.501 . . . According to Fla.Stat. § 672.501 the buyer obtains a special property interest when the goods are identified . . .

In POLAR CHIPS INTERNATIONAL, INC. HARRIS, v. J. FOOSANER,, 40 B.R. 586 (Bankr. S.D. Fla. 1984)

. . . As to identification of goods, Fla.Stats., § 672.501(1) provides: ... . . .

DREWRY v. THOMPSON DOOR COMPANY,, 47 Fla. Supp. 177 (Broward Cty. Cir. Ct. 1978)

. . . See §679.204(1), §671.201(44), and §672.501, Florida Statutes. 17. . . .