(1) 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 (a) the lessor has a right of action against the third party,
and (b) 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.
(2) 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 or
her suit or settlement, subject to his or her own interest, is as a
fiduciary for the other party to the lease contract.
(3) Either party with the consent of the other may sue for the benefit
of whom it may concern.
Structure New York Laws
2-A-502 - Notice After Default.
2-A-503 - Modification or Impairment of Rights and Remedies.
2-A-504 - Liquidation of Damages.
2-A-506 - Statute of Limitations.
2-A-507 - Proof of Market Rent: Time and Place.
2-A-509 - Lessee's Rights on Improper Delivery: Rightful Rejection.
2-A-510 - Installment Lease Contracts: Rejection and Default.
2-A-511 - Merchant Lessee's Duties as to Rightfully Rejected Goods.
2-A-512 - Lessee's Duties as to Rightfully Rejected Goods.
2-A-513 - Cure by Lessor of Improper Tender or Delivery; Replacement.
2-A-514 - Waiver of Lessee's Objections.
2-A-515 - Acceptance of Goods.
2-A-517 - Revocation of Acceptance of Goods.
2-A-518 - Cover; Substitute Goods.
2-A-520 - Lessee's Incidental and Consequential Damages.
2-A-521 - Lessee's Right to Specific Performance or Replevin.
2-A-522 - Lessee's Right to Goods on Lessor's Insolvency.
2-A-524 - Lessor's Right to Identify Goods to Lease Contract.
2-A-525 - Lessor's Right to Possession of Goods.
2-A-526 - Lessor's Stoppage of Delivery in Transit or Otherwise.
2-A-527 - Lessor's Rights to Dispose of Goods.
2-A-528 - Lessor's Damages for Non-Acceptance, Failure to Pay, Repudiation, or Other Default.
2-A-529 - Lessor's Action for the Rent.
2-A-530 - Lessor's Incidental Damages.
2-A-531 - Standing to Sue Third Parties for Injury to Goods.