Georgia § 11-2-501 - Insurable interest in goods; manner of identification of goods.
Full text of Georgia Official Code of Georgia Annotated § 11-2-501 — Insurable interest in goods; manner of identification of goods., with citation guidance and answers to common questions.
§ 11-2-501. Insurable interest in goods; manner of identification of goods.
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: When the contract is made if it is for the sale of goods already existing and identified; If the contract is for the sale of future goods other than those described in paragraph (c) of this subsection, when goods are shipped, marked, or otherwise designated by the seller as goods to which the contract refers; 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. 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. Nothing in this Code section impairs any insurable interest recognized under any other statute or rule of law. (Code 1933, § 109A-2 - 501, enacted by Ga. L. 1962, p. 156, § 1.) Law reviews. - For article discussing the resolution of conflicting claims to goods between an unsecured seller of goods and a creditor of a buyer claiming under an after-acquired property clause, see 28 Mercer L. Rev. 625 (1977). For article, "Impracticability As Risk Allocation: The Effect of Changed Circumstances upon Contract Obligations for the Sale of Goods," see 22 Ga. L. Rev. 503 (1988).
Frequently Asked Questions About Georgia § 11-2-501
What does Official Code of Georgia Annotated § 11-2-501 cover?
Section 11-2-501 ("Insurable interest in goods; manner of identification of goods.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 11-2-501?
A common citation format is "Official Code of Georgia Annotated § 11-2-501" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 11-2-501 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.