Idaho State Statutes - Idaho Attorney Directory

INSURABLE INTEREST IN GOODS -- MANNER OF IDENTIFICATION OF
GOODS. (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 (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.
(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.

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