Pennsylvania § 2A218 - Insurance and proceeds.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 2A218 — Insurance and proceeds., with citation guidance and answers to common questions.
§ 2A218. Insurance and proceeds.
(a) Insurable interest of lessee.--A lessee obtains an insurable interest when existing goods are identified to the lease contract even though the goods identified are nonconforming and the lessee has an option to reject them.
(b) Substitution of goods by lessor.--If a lessee has an insurable interest only by reason of the lessor's identification of the goods, the lessor, until default or insolvency or notification to the lessee that identification is final, may substitute other goods for those identified.
(c) Duration of insurable interest of lessor.--Notwithstanding a lessee's insurable interest under subsections (a) and (b), the lessor retains an insurable interest until an option to buy has been exercised by the lessee and risk of loss has passed to the lessee.
(d) Other insurable interests unimpaired.--Nothing in this section impairs any insurable interest recognized under any other statute or rule of law.
(e) Agreement to determine obligations of parties.--The parties by agreement may determine that one or more parties have an obligation to obtain and pay for insurance covering the goods and by agreement may determine the beneficiary of the proceeds of the insurance.
Frequently Asked Questions About Pennsylvania § 2A218
What does Pennsylvania Consolidated Statutes § 2A218 cover?
Section 2A218 ("Insurance and proceeds.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. 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 Pennsylvania § 2A218?
A common citation format is "Pennsylvania Consolidated Statutes § 2A218" (Pennsylvania). 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 Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 2A218 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania 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 Pennsylvania.