8.2A-531 - A-531. Standing to sue third parties for injury to goods. - Virginia Statutes

§ 8.2A-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 leasecontract 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 lesseealso 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 injuryassumed that risk as against the lessor and the goods have been converted ordestroyed.

(2) If at the time of the injury the party plaintiff did not bear the risk ofloss as against the other party to the lease contract and there is noarrangement between them for disposition of the recovery, his suit orsettlement, subject to his own interest, is as a fiduciary for the otherparty to the lease contract.

(3) Either party with the consent of the other may sue for the benefit ofwhom it may concern.

(1991, c. 536.)