47-2A531

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.