§490:2A-531 - Standing to sue third parties for injury to goods.

§490:2A-531 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 (i) the lessor has a right of action against the third
party, and (ii) 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, the party plaintiff's suit or settlement, subject to the party
plaintiff's own interest, is as a fiduciary for the other party to the lease
contract.