N.Y. Uniform Commercial Code Law Section 2-A-531
Standing to Sue Third Parties for Injury to Goods

Section 2-A-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 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.

Source: Section 2-A-531 — Standing to Sue Third Parties for Injury to Goods, https://www.­nysenate.­gov/legislation/laws/UCC/2-A-531 (updated Sep. 22, 2014; accessed May 4, 2024).

2‑A‑501
Default: Procedure 2‑A‑502
Notice After Default 2‑A‑503
Modification or Impairment of Rights and Remedies 2‑A‑504
Liquidation of Damages 2‑A‑505
Cancellation and Termination and Effect of Cancellation, Termination, Rescission, or Fraud on Rights and Remedies 2‑A‑506
Statute of Limitations 2‑A‑507
Proof of Market Rent: Time and Place 2‑A‑508
Lessee’s Remedies 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 2‑A‑514
Waiver of Lessee’s Objections 2‑A‑515
Acceptance of Goods 2‑A‑516
Effect of Acceptance of Goods 2‑A‑517
Revocation of Acceptance of Goods 2‑A‑518
Cover 2‑A‑519
Lessee’s Damages for Non-delivery, Repudiation, Default, and Breach of Warranty in Regard to Accepted 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‑523
Lessor’s Remedies 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 2‑A‑532
Lessor’s Rights to Residual Interest
Green check means up to date. Up to date

Accessed:
May 4, 2024

Last modified:
Sep. 22, 2014

§ 2-A-531’s source at nysenate​.gov

Link Style