§12A-2A-218.

§12A-2A-218.
   
                           INSURANCE AND PROCEEDS
                                      
   (1) A lessee obtains an insurable interest when existing goods are
   identified to the lease contract even though the goods identified are
   nonconforming and the lessee has an option to reject them.
   
   (2) If a lessee has an insurable interest only by reason of the
   lessor's identification of the goods, the lessor, until default or
   insolvency or notification to the lessee that identification is final,
   may substitute other goods for those identified.
   
   (3) Notwithstanding a lessee's insurable interest under subsections
   (1) and (2) of this section, the lessor retains an insurable interest
   until an option to buy has been exercised by the lessee and risk of
   loss has passed to the lessee.
   
   (4) Nothing in this section impairs any insurable interest recognized
   under any other statute or rule of law.
   
   (5) The parties by agreement may determine that one or more parties
   have an obligation to obtain and pay for insurance covering the goods
   and by agreement may determine the beneficiary of the proceeds of the
   insurance.