§ 34.1-2-501 — Insurable interest in goods; manner of identification of goods

Wyoming § 34.1-2-501

• Jurisdiction: Wyoming
• Title 34.1: Uniform Commercial Code
• Art. 2: SALES

Text

(a) 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 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:
(i) When the contract is made if it is for the sale
of goods already existing and identified;
(ii) If the contract is for the sale of future goods
other than those described in subdivision (iii), when goods are
shipped, marked or otherwise designated by the seller as goods
to which the contract refers;
(iii) 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.
(b) 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.
(c) Nothing in this section impairs any insurable interest
recognized under any other statute or rule of law.