47-2A531. Standing to sue third parties for injury to goods
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 the lessor has a right of action against the third party, and the lessee also has a right of action against the third party if the lessee:
1. Has a security interest in the goods;
2. Has an insurable interest in the goods; or
3. 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 suit or settlement, subject to his 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 47-2a524 47-2a525 47-2a526 47-2a527 47-2a528 47-2a529 47-2a530 47-2a531 47-2a532 47-3101 47-3102 47-3103 47-3104 47-3105 47-3106 NextLast modified: October 13, 2016