1. (a) When the lease contract is made if the lease contract is for a lease of goods that are existing and identified;
2. (b) When the goods are shipped, marked or otherwise designated by the lessor as goods to which the lease contract refers, if the lease contract is for a lease of goods that are not existing and identified; or
3. (c) When the young are conceived, if the lease contract is for a lease of unborn young of animals.

Identification of goods as goods to which a lease contract refers may be made at any time and in any manner explicitly agreed to by the parties. In the absence of explicit agreement, identification occurs:

Added by Acts 1994, c. 535, § 1, eff. Jan. 1, 1995.