Ohio Revised Code
Chapter 1302 | Sales
Section 1302.45 | Insurable Interest in Goods - Manner of Identification of Goods - Ucc 2-501.

Effective: July 1, 1962
Latest Legislation: Senate Bill 5 - 104th General Assembly
(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 non conforming 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:
(1) when the contract is made if it is for the sale of goods already existing and identified;
(2) if the contract is for the sale of future goods other than those described in division (A) (3) of this section, when goods are shipped, marked, or otherwise designated by the seller as goods to which the contract refers;
(3) 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.
(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.

Structure Ohio Revised Code

Ohio Revised Code

Title 13 | Commercial Transactions

Chapter 1302 | Sales

Section 1302.01 | Definitions - Ucc 2-103 to 2-106.

Section 1302.02 | Scope - Certain Security and Other Transactions Excluded - Ucc 2-102.

Section 1302.03 | Goods to Be Severed From Realty - Recording - Ucc 2-107.

Section 1302.04 | Formal Requirements - Statute of Frauds - Ucc 2-201.

Section 1302.05 | Final Written Expression - Parol or Extrinsic Evidence - Ucc 2-202.

Section 1302.06 | Seals Inoperative - Ucc 2-203.

Section 1302.07 | Formation in General - Ucc 2-204.

Section 1302.08 | Firm Offers - Ucc 2-205.

Section 1302.09 | Offer and Acceptance in Formation of Contract - Ucc 2-206.

Section 1302.10 | Additional Terms in Acceptance or Confirmation - Ucc 2-207.

Section 1302.12 | Modification, Rescission, and Waiver - Ucc 2-209.

Section 1302.13 | Delegation of Performance - Assignment of Rights - Ucc 2-210.

Section 1302.14 | General Obligations of Parties - Ucc 2-301.

Section 1302.15 | Unconscionable Contract or Clause - Ucc 2-302.

Section 1302.16 | Allocation or Division of Risks - Ucc 2-303.

Section 1302.17 | Price Payable in Money, Goods, Realty, or Otherwise - Ucc 2-304.

Section 1302.18 | Open Price Term - Ucc 2-305.

Section 1302.19 | Output, Requirements, and Exclusive Dealings - Ucc 2-306.

Section 1302.20 | Delivery in Single Lot or Several Lots - Ucc 2-307.

Section 1302.21 | Absence of Specified Place for Delivery - Ucc 2-308.

Section 1302.22 | Absence of Specific Time Provisions - Notice of Termination - Ucc 2-309.

Section 1302.23 | Open Time for Payment or Running of Credit - Authority to Ship Under Reservation - Ucc 2-310.

Section 1302.24 | Options and Cooperation Respecting Performance - Ucc 2-311.

Section 1302.25 | Warranty of Title and Against Infringement - Buyer's Obligation Against Infringement - Ucc 2-312.

Section 1302.26 | Express Warranties by Affirmation, Promise, Description, Sample - Ucc 2-313.

Section 1302.27 | Implied Warranty - Merchantability - Usage of Trade - Ucc 2-314.

Section 1302.28 | Implied Warranty - Fitness for Particular Purpose - Ucc 2-315.

Section 1302.29 | Exclusion or Modification of Warranties - Ucc 2-316.

Section 1302.30 | Cumulation and Conflict of Warranties Express or Implied - Ucc 2-317.

Section 1302.31 | Third Party Beneficiaries of Warranties Express or Implied - Ucc 2-318.

Section 1302.32 | f.o.b. and f.a.s. Terms - Ucc 2-319.

Section 1302.33 | c.i.f. and C. and F. Terms - Ucc 2-320.

Section 1302.34 | c.i.f. or C. and F. - Net Landed Weights - Payment on Arrival - Warranty of Condition on Arrival - Ucc 2-321.

Section 1302.35 | Delivery Ex-Ship - Ucc 2-322.

Section 1302.36 | Form of Bill of Lading Required in Overseas Shipment - Overseas Defined - Ucc 2-323.

Section 1302.37 | No Arrival, No Sale Term - Ucc 2-324.

Section 1302.38 | Letter of Credit - Confirmed Credit - Ucc 2-325.

Section 1302.39 | Sale on Approval and Sale or Return - Rights of Creditors - Ucc 2-326.

Section 1302.40 | Special Incidents of Sale on Approval and Sale or Return - Ucc 2-327.

Section 1302.41 | Sale by Auction - Ucc 2-328.

Section 1302.42 | Passing of Title - Reservation for Security - Limited Application of This Section - Ucc 2-401.

Section 1302.43 | Rights of Seller's Creditors Against Sold Goods - Ucc 2-402.

Section 1302.44 | Power to Transfer - Good Faith Purchase of Goods - Entrusting Defined - Ucc 2-403.

Section 1302.45 | Insurable Interest in Goods - Manner of Identification of Goods - Ucc 2-501.

Section 1302.46 | Buyer's Right to Goods on Seller's Repudiation, Failure to Deliver, or Insolvency - Ucc 2-502.

Section 1302.47 | Manner of Seller's Tender of Delivery - Ucc 2-503.

Section 1302.48 | Shipment by Seller - Ucc 2-504.

Section 1302.49 | Seller's Shipment Under Reservation - Ucc 2-505.

Section 1302.50 | Rights of Financing Agency - Ucc 2-506.

Section 1302.51 | Effect of Seller's Tender - Delivery on Condition - Ucc 2-507.

Section 1302.52 | Cure by Seller of Improper Tender or Delivery - Replacement - Ucc 2-508.

Section 1302.53 | Risk of Loss in Absence of Breach - Ucc 2-509.

Section 1302.54 | Effect of Breach on Risk of Loss - Ucc 2-510.

Section 1302.55 | Tender of Payment by Buyer - Payment by Check - Ucc 2-511.

Section 1302.56 | Payment by Buyer Before Inspection - Ucc 2-512.

Section 1302.57 | Buyer's Right to Inspection of Goods - Ucc 2-513.

Section 1302.58 | When Documents Deliverable on Acceptance - When on Payment - Ucc 2-514.

Section 1302.59 | Preserving Evidence of Goods in Dispute - Ucc 2-515.

Section 1302.60 | Buyer's Rights on Improper Delivery - Ucc 2-601.

Section 1302.61 | Manner and Effect of Rightful Rejection - Ucc 2-602.

Section 1302.62 | Merchant Buyer's Duties as to Rightfully Rejected Goods - Salvage - Ucc 2-603, 2-604.

Section 1302.63 | Waiver of Buyer's Objections by Failure to Particularize - Ucc 2-605.

Section 1302.64 | What Constitutes Acceptance of Goods - Ucc 2-606.

Section 1302.65 | Effect of Acceptance - Notice of Breach - Burden of Establishing Breach After Acceptance - Notice of Claim or Litigation to Person Answerable Over - Ucc 2-607.

Section 1302.66 | Revocation of Acceptance in Whole or in Part - Ucc 2-608.

Section 1302.67 | Right to Adequate Assurance of Performance - Ucc 2-609.

Section 1302.68 | Anticipatory Repudiation - Ucc 2-610.

Section 1302.69 | Retraction of Anticipatory Repudiation - Ucc 2-611.

Section 1302.70 | Installment Contract Defined - Breach - Ucc 2-612.

Section 1302.71 | Casualty to Identified Goods - Ucc 2-613.

Section 1302.72 | Substituted Performance - Ucc 2-614.

Section 1302.73 | Excuse by Failure of Presupposed Conditions - Ucc 2-615.

Section 1302.74 | Procedure on Notice Claiming Excuse - Ucc 2-616.

Section 1302.75 | Remedies for Breach of Collateral Contracts Not Impaired - Ucc 2-701.

Section 1302.76 | Seller's Remedies on Discovery of Buyer's Insolvency - Ucc 2-702.

Section 1302.77 | Seller's Remedies in General - Ucc 2-703.

Section 1302.78 | Seller's Right to Identify Goods to the Contract Notwithstanding Breach or to Salvage Unfinished Goods - Ucc 2-704.

Section 1302.79 | Seller's Stoppage of Delivery in Transit or Otherwise - Ucc 2-705.

Section 1302.80 | Seller's Resale Including Contract for Resale - Ucc 2-706.

Section 1302.81 | Person in the Position of a Seller - Ucc 2-707.

Section 1302.82 | Seller's Damages for Non-Acceptance or Repudiation - Ucc 2-708.

Section 1302.83 | Action for the Price - Ucc 2-709.

Section 1302.84 | Seller's Incidental Damages - Ucc 2-710.

Section 1302.85 | Buyer's Remedies in General - Buyer's Security Interest in Rejected Goods - Ucc 2-711.

Section 1302.86 | Cover Defined - Buyer's Procurement of Substitute Goods - Ucc 2-712.

Section 1302.87 | Buyer's Damages for Non-Delivery or Repudiation - Ucc 2-713.

Section 1302.88 | Buyer's Damages for Breach in Regard to Accepted Goods - Ucc 2-714.

Section 1302.89 | Buyer's Incidental and Consequential Damages - Ucc 2-715.

Section 1302.90 | Buyer's Right to Specific Performance or Replevin - Ucc 2-716.

Section 1302.91 | Deduction of Damages From the Price - Ucc 2-717.

Section 1302.92 | Liquidation or Limitation of Damages - Deposits - Ucc 2-718.

Section 1302.93 | Contractual Modification or Limitation of Remedy - Ucc 2-719.

Section 1302.94 | Effect of Cancellation or Rescission on Claims for Antecedent Breach - Ucc 2-720.

Section 1302.95 | Remedies for Fraud - Ucc 2-721.

Section 1302.96 | Who Can Sue Third Parties for Injury to Goods - Ucc 2-722.

Section 1302.97 | Proof of Market Price - Time and Place - Admissibility of Market Quotations - Ucc 2-723, 2-724.

Section 1302.98 | Statute of Limitations in Contracts for Sale - Ucc 2-725.