(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, the plaintiff's suit or settlement, subject to the plaintiff's 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: Previous 45.12.519 45.12.520 45.12.521 45.12.522 45.12.523 45.12.524 45.12.525 45.12.526 45.12.527 45.12.528 45.12.529 45.12.530 45.12.531 45.12.532 NextLast modified: November 15, 2016