Massachusetts General Laws
Article 2 - Sales
Section 2-501 - Insurable Interest in Goods; Manner of Identification of Goods

Section 2–501. (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 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
(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 twelve months after contracting or for the sale of crops to be harvested within twelve 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 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.
(3) Nothing in this section impairs any insurable interest recognized under any other statute or rule of law.

Structure Massachusetts General Laws

Massachusetts General Laws

Part I - Administration of the Government

Title XV - Regulation of Trade

Chapter 106 - Uniform Commercial Code

Article 2 - Sales

Section 2-715 - Buyer's Incidental and Consequential Damages

Section 2-723 - Proof of Market Price: Time and Place

Section 2-716 - Buyer's Right to Specific Performance or Replevin

Section 2-717 - Deduction of Damages From Price

Section 2-718 - Liquidation or Limitation of Damages; Deposits

Section 2-719 - Contractual Modification or Limitation of Remedy

Section 2-720 - Effect of ''cancellation'' or ''rescission'' on Claims for Antecedent Breach

Section 2-721 - Remedies for Fraud

Section 2-722 - Who Can Sue Third Parties for Injury to Goods

Section 2-724 - Admissibility of Market Quotations

Section 2-512 - Payment by Buyer Before Inspection

Section 2-515 - Preserving Evidence of Goods in Dispute

Section 2-514 - When Documents Deliverable on Acceptance; When on Payment

Section 2-513 - Buyer's Right to Inspection of Goods

Section 2-714 - Buyer's Damages for Breach in Regard to Accepted Goods

Section 2-603 - Merchant Buyer's Duties as to Rightfully Rejected Goods

Section 2-510 - Effect of Breach on Risk of Loss

Section 2-509 - Risk of Loss in the Absence of Breach

Section 2-508 - Cure by Seller of Improper Tender or Delivery; Replacement

Section 2-507 - Effect of Seller's Tender; Delivery on Condition

Section 2-506 - Rights of Financing Agency

Section 2-505 - Seller's Shipment Under Reservation

Section 2-725 - Statute of Limitations in Contracts for Sale

Section 2-713 - Buyer's Damages for Non-Delivery or Repudiation

Section 2-707 - ''person in the Position of a Seller''

Section 2-711 - Buyer's Remedies in General; Buyer's Security Interest in Rejected Goods

Section 2-504 - Shipment by Seller

Section 2-604 - Buyer's Options as to Salvage of Rightfully Rejected Goods

Section 2-605 - Waiver of Buyer's Objections by Failure to Particularize

Section 2-606 - What Constitutes Acceptance of Goods

Section 2-607 - Effect of Acceptance; Notice of Breach; Burden of Establishing Breach After Acceptance; Notice of Claim or Litigation to Person Answerable Over

Section 2-608 - Revocation of Acceptance in Whole or in Part

Section 2-609 - Right to Adequate Assurance of Performance

Section 2-610 - Anticipatory Repudiation

Section 2-611 - Retraction of Anticipatory Repudiation

Section 2-612 - ''installment Contract''; Breach

Section 2-613 - Casualty to Identified Goods

Section 2-614 - Substituted Performance

Section 2-615 - Excuse by Failure of Presupposed Conditions

Section 2-616 - Procedure on Notice Claiming Excuse

Section 2-701 - Remedies for Breach of Collateral Contracts Not Impaired

Section 2-702 - Seller's Remedies on Discovery of Buyer's Insolvency

Section 2-703 - Seller's Remedies in General

Section 2-704 - Seller's Right to Identify Goods to the Contract Notwithstanding Breach or to Salvage Unfinished Goods

Section 2-705 - Seller's Stoppage of Delivery in Transit or Otherwise

Section 2-706 - Seller's Resale Including Contract for Resale

Section 2-708 - Seller's Damages for Non-Acceptance or Repudiation

Section 2-709 - Action for the Price

Section 2-710 - Seller's Incidental Damages

Section 2-712 - ''cover''; Buyer's Procurement of Substitute Goods

Section 2-503 - Manner of Seller's Tender of Delivery

Section 2-511 - Tender of Payment by Buyer; Payment by Check

Section 2-501 - Insurable Interest in Goods; Manner of Identification of Goods

Section 2-304 - Price Payable in Money, Goods, Realty, or Otherwise

Section 2-305 - Open Price Term

Section 2-306 - Output, Requirements and Exclusive Dealings

Section 2-307 - Delivery in Single Lot or Several Lots

Section 2-308 - Absence of Specified Place for Delivery

Section 2-309 - Absence of Specific Time Provisions; Notice of Termination

Section 2-310 - Open Time for Payment or Running of Credit; Authority to Ship Under Reservation

Section 2-303 - Allocation or Division of Risks

Section 2-311 - Options and Co-Operation Respecting Performance

Section 2-313 - Express Warranties by Affirmation, Promise, Description, Sample

Section 2-314 - Implied Warranty: Merchantability; Usage of Trade

Section 2-315 - Implied Warranty; Fitness for Particular Purpose

Section 2-316 - Exclusion or Modification of Warranties

Section 2-316a - Limitation on Exclusion or Modification of Warranties

Section 2-317 - Cumulation and Conflict of Warranties Express or Implied

Section 2-318 - Lack of Privity in Actions Against a Manufacturer, Seller, Lessor or Supplier of Goods

Section 2-312 - Warranty of Title and Against Infringement; Buyer's Obligation Against Infringement

Section 2-302 - Unconscionable Contract or Clause

Section 2-301 - General Obligations of Parties

Section 2-210 - Delegation of Performance; Assignment of Rights

Section 2-602 - Manner and Effect of Rightful Rejection

Section 2-101 - Short Title

Section 2-102 - Scope; Certain Security and Other Transactions Excluded From This Article

Section 2-103 - Definitions and Index of Definitions

Section 2-104 - Definitions: ''merchant''; ''between Merchants''; ''financing Agency''

Section 2-105 - Definitions; Transferability; ''goods''; ''future'' Goods; ''lot''; ''commercial Unit''

Section 2-106 - Definitions: ''contract''; ''agreement''; ''contract for Sale''; ''sale''; ''present Sale''; ''conforming'' to Contract; ''termination''; ''cancellation''

Section 2-107 - Goods to Be Severed From Realty; Recording

Section 2-201 - Formal Requirements: Statute of Frauds

Section 2-202 - Final Written Expression: Parol or Extrinsic Evidence

Section 2-203 - Seals Inoperative

Section 2-204 - Formation in General

Section 2-205 - Firm Offers

Section 2-206 - Offer and Acceptance in Formation of Contract

Section 2-207 - Additional Terms in Acceptance or Confirmation

Section 2-209 - Modification, Rescission and Waiver

Section 2-319 - f.o.b. and f.a.s. Terms

Section 2-502 - Buyer's Right to Goods on Seller's Repudiation, Failure to Deliver, or Insolvency

Section 2-601 - Buyer's Rights on Improper Delivery

Section 2-323 - Form of Bill of Lading Required in Overseas Shipment; ''overseas''

Section 2-403 - Power to Transfer; Good Faith Purchase of Goods; ''entrusting''

Section 2-402 - Rights of Seller's Creditors Against Sold Goods

Section 2-401 - Passing of Title; Reservation for Security; Limited Application of This Section

Section 2-328 - Sale by Auction

Section 2-327 - Special Incidents of Sale on Approval and Sale or Return

Section 2-326 - Sale on Approval and Sale or Return; Rights of Creditors

Section 2-325 - ''letter of Credit'' Term; ''confirmed Credit''

Section 2-324 - ''no Arrival, No Sale'' Term

Section 2-322 - Delivery ''ex–ship''

Section 2-321 - c.i.f. or C. & f.: ''net Landed Weights''; ''payment on Arrival''; Warranty of Condition on Arrival

Section 2-320 - c.i.f. and C. & F. Terms