70A-2a-531 - Standing to sue third parties for injury to goods. - Utah Statutes

70A-2a-531. Standing to sue third parties for injury to goods.
(1) If a third party so deals with goods that have been identified to a lease contract as tocause 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 riskas 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 theother party to the lease contract and there is no arrangement between them for disposition of therecovery, his suit or settlement, subject to his own interest, is as a fiduciary for the other party tothe lease contract.
(3) Either party with the consent of the other may sue for the benefit of whom it mayconcern.

Enacted by Chapter 197, 1990 General Session