California Commercial Code Section 10531
Legal Research Home >
California Laws > Commercial Code > California Commercial Code Section 10531
10531. (a) If a third party so deals with goods that have been
identified to a lease contract as to cause actionable injury to a
party to the lease contract (1) the lessor has a right of action
against the third party, and (2) the lessee also has a right of
action against the third party if the lessee:
(A) Has a security interest in the goods;
(B) Has an insurable interest in the goods; or
(C) Bears the risk of loss under the lease contract or has since
the injury assumed that risk as against the lessor and the goods have
been converted or destroyed.
(b) If at the time of the injury the party plaintiff did not bear
the risk of loss as against the other party to the lease contract and
there is no arrangement between them for disposition of the
recovery, his or her suit or settlement, subject to his or her own
interest, is as a fiduciary for the other party to the lease
contract.
(c) Either party with the consent of the other may sue for the
benefit of whom it may concern.
Section: 10531
Last modified: February 22, 2013
|
