{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.2-501.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.2-501.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.2-501.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.2-501.html"}],"law_id":87157,"edition_id":1,"section_id":87157,"structure_id":15140,"section_number":"8.2-501","catch_line":"Insurable interest in goods; manner of identification of goods","history":"1964, c. 219.","full_text":"1\n\nThe 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 occursa\n\nwhen the contract is made if it is for the sale of goods already existing and identified;b\n\nif 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\n\nwhen 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\n\nThe 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\n\nNothing in this section impairs any insurable interest recognized under any other statute or rule of law.","order_by":null,"text":{"0":{"id":312085,"text":"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","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"next_prefix":"1a"},"1":{"id":312086,"text":"when the contract is made if it is for the sale of goods already existing and identified;","type":"section","prefixes":["1","a"],"prefix":"a","entire_prefix":"1a","prefix_anchor":"1a","level":2,"prior_prefix":"1","next_prefix":"1b"},"2":{"id":312087,"text":"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;","type":"section","prefixes":["1","b"],"prefix":"b","entire_prefix":"1b","prefix_anchor":"1b","level":2,"prior_prefix":"1a","next_prefix":"1c"},"3":{"id":312088,"text":"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.","type":"section","prefixes":["1","c"],"prefix":"c","entire_prefix":"1c","prefix_anchor":"1c","level":2,"prior_prefix":"1b","next_prefix":"2"},"4":{"id":312089,"text":"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.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1c","next_prefix":"3"},"5":{"id":312090,"text":"Nothing in this section impairs any insurable interest recognized under any other statute or rule of law.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2"}},"ancestry":[{"id":15140,"edition_id":1,"name":"Performance","identifier":"5","label":"part","depth":2,"order_by":1,"parent_id":13346,"metadata":{},"date_created":"2026-06-26 03:52:28","date_modified":"2026-06-26 03:52:28","permalink":{"id":282137,"object_type":"structure","relational_id":15140,"identifier":"5","token":"8.2\/5","url":"\/8.2\/5\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13346,"edition_id":1,"name":"Commercial Code - Sales","identifier":"8.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:41","date_modified":"2026-06-26 03:44:41","permalink":{"id":281931,"object_type":"structure","relational_id":13346,"identifier":"8.2","token":"8.2","url":"\/8.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":87157,"structure_id":15140,"section_number":"8.2-501","catch_line":"Insurable interest in goods; manner of identification of goods","url":"\/8.2-501\/","token":"8.2\/5\/8.2-501","metadata":false},{"id":73361,"structure_id":15140,"section_number":"8.2-502","catch_line":"Buyer's right to goods on seller's repudiation, failure to deliver, or insolvency","url":"\/8.2-502\/","token":"8.2\/5\/8.2-502","metadata":false},{"id":67744,"structure_id":15140,"section_number":"8.2-503","catch_line":"Manner of seller's tender of delivery","url":"\/8.2-503\/","token":"8.2\/5\/8.2-503","metadata":false},{"id":74031,"structure_id":15140,"section_number":"8.2-504","catch_line":"Shipment by seller","url":"\/8.2-504\/","token":"8.2\/5\/8.2-504","metadata":false},{"id":65205,"structure_id":15140,"section_number":"8.2-505","catch_line":"Seller's shipment under reservation","url":"\/8.2-505\/","token":"8.2\/5\/8.2-505","metadata":false},{"id":62064,"structure_id":15140,"section_number":"8.2-506","catch_line":"Rights of financing agency","url":"\/8.2-506\/","token":"8.2\/5\/8.2-506","metadata":false},{"id":72758,"structure_id":15140,"section_number":"8.2-507","catch_line":"Effect of seller's tender; delivery on condition","url":"\/8.2-507\/","token":"8.2\/5\/8.2-507","metadata":false},{"id":76776,"structure_id":15140,"section_number":"8.2-508","catch_line":"Cure by seller of improper tender or delivery; replacement","url":"\/8.2-508\/","token":"8.2\/5\/8.2-508","metadata":false},{"id":61950,"structure_id":15140,"section_number":"8.2-509","catch_line":"Risk of loss in the absence of breach","url":"\/8.2-509\/","token":"8.2\/5\/8.2-509","metadata":false},{"id":66339,"structure_id":15140,"section_number":"8.2-510","catch_line":"Effect of breach on risk of loss","url":"\/8.2-510\/","token":"8.2\/5\/8.2-510","metadata":false},{"id":75601,"structure_id":15140,"section_number":"8.2-511","catch_line":"Tender of payment by buyer; payment by check","url":"\/8.2-511\/","token":"8.2\/5\/8.2-511","metadata":false},{"id":76210,"structure_id":15140,"section_number":"8.2-512","catch_line":"Payment by buyer before inspection","url":"\/8.2-512\/","token":"8.2\/5\/8.2-512","metadata":false},{"id":66030,"structure_id":15140,"section_number":"8.2-513","catch_line":"Buyer's right to inspection of goods","url":"\/8.2-513\/","token":"8.2\/5\/8.2-513","metadata":false},{"id":57680,"structure_id":15140,"section_number":"8.2-514","catch_line":"When documents deliverable on acceptance; when on payment","url":"\/8.2-514\/","token":"8.2\/5\/8.2-514","metadata":false},{"id":79187,"structure_id":15140,"section_number":"8.2-515","catch_line":"Preserving evidence of goods in dispute","url":"\/8.2-515\/","token":"8.2\/5\/8.2-515","metadata":false}],"next_section":{"id":73361,"structure_id":15140,"section_number":"8.2-502","catch_line":"Buyer's right to goods on seller's repudiation, failure to deliver, or insolvency","url":"\/8.2-502\/","token":"8.2\/5\/8.2-502","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.2-501\/","history_text":"

This law was first created in 1964. The record of its establishment is cataloged in chapter 219 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1964 \u201cActs\u201d aren\u2019t available online.<\/p>","references":[{"id":73102,"section_number":"8.2-103","catch_line":"Definitions and index of definitions","order_by":null,"url":"\/8.2-103\/"},{"id":64663,"section_number":"8.2-401","catch_line":"Passing of title; reservation for security; limited application of this section","order_by":null,"url":"\/8.2-401\/"},{"id":73361,"section_number":"8.2-502","catch_line":"Buyer's right to goods on seller's repudiation, failure to deliver, or insolvency","order_by":null,"url":"\/8.2-502\/"}],"refers_to":false,"permalink":{"id":282139,"object_type":"law","relational_id":87157,"identifier":"8.2-501","token":"8.2\/5\/8.2-501","url":"\/8.2-501\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.2-501\/","token":"8.2\/5\/8.2-501","dublin_core":{"Title":"Insurable interest in goods; manner of identification of goods","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.2-501","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

1.<\/span> The buyer obtains a special property and an insurable interest in goods by identification of existing goods as goods to which the contract<\/span> 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 <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

a.<\/span> when the contract<\/span> is made if it is for the sale of goods already existing and identified; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> if the contract<\/span> 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<\/span> refers; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

c.<\/span> when the crops are planted or otherwise become growing crops or the young are conceived if the contract<\/span> 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. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> 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<\/span> or insolvency or notification to the buyer that the identification is final substitute other goods for those identified. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Nothing in this section impairs any insurable interest recognized under any other statute<\/span> or rule of law<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINSURABLE INTEREST IN GOODS; MANNER OF IDENTIFICATION OF GOODS (\u00a7 8.2-501)\n\n1. The buyer obtains a special property and an insurable interest in goods by\nidentification of existing goods as goods to which the contract refers even\nthough the goods so identified are nonconforming and he has an option to return\nor reject them. Such identification can be made at any time and in any manner\nexplicitly agreed to by the parties. In the absence of explicit agreement\nidentification occurs\n\n a. when the contract is made if it is for the sale of goods already existing\n and identified;\n\n b. if the contract is for the sale of future goods other than those described\n in paragraph (c), when goods are shipped, marked or otherwise designated by\n the seller as goods to which the contract refers;\n\n c. when the crops are planted or otherwise become growing crops or the young\n are conceived if the contract is for the sale of unborn young to be born\n within twelve months after contracting or for the sale of crops to be\n harvested within twelve months or the next normal harvest season after\n contracting whichever is longer.\n\n2. The seller retains an insurable interest in goods so long as title to or any\nsecurity interest in the goods remains in him and where the identification is by\nthe seller alone he may until default or insolvency or notification to the buyer\nthat the identification is final substitute other goods for those identified.\n\n3. Nothing in this section impairs any insurable interest recognized under any\nother statute or rule of law.\n\nHISTORY: 1964, c. 219.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}