§ 2A531. Standing to sue third parties for injury to goods.
(a) General rule.--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:
(i) has a security interest in the goods;
(ii) has an insurable interest in the goods; or
(iii) 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) Status of plaintiff as fiduciary.--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) Consent of parties as to suing.--Either party with the consent of the other may sue for the benefit of whom it may concern.Section: Previous 2a519 2a520 2a521 2a522 2a523 2a524 2a525 2a526 2a527 2a528 2a529 2a530 2a531 2a532 Next
Last modified: October 8, 2016