Understanding Insurable Interest in the Sale or Lease of Goods

The video tutorial discusses the sale and lease of goods under state contract law, focusing on the Uniform Commercial Code (UCC) and its consistency across states. It highlights the importance of insurable interest, which allows parties to protect their goods under an insurance policy. The tutorial explains when an insurable interest is acquired, referencing UCC provisions for sales and leases. It also covers special cases, such as agriculture and livestock, where insurable interest is determined by the contract and identification of goods.

Explain the process of determining when an insurable interest exists according to the UCC.

What are the two provisions of the UCC that apply to the sale and lease of goods?