Illinois § 2A-531 Standing to sue third parties for injury to goods

Illinois Statutes

§ 2A-531 — Standing to sue third parties for injury to goods

Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 810 COMMERCIAL CODE·Act 810 ILCS 5/ Uniform Commercial Code.·Art. Article 2A - Leases

(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

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(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.

Illinois § 2A-531 (Standing to sue third parties for injury to goods) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.