N.Y. UCC Law § 2-A-531

Section 2-A-531. Standing to Sue Third Parties for Injury to Goods.\n (1) If a third party so deals with goods that have been identified to\na lease contract as to cause actionable injury to a party to the lease\ncontract (a) the lessor has a right of action against the third party,\nand (b) the lessee also has a right of action against the third party if\nthe lessee:\n (i) has a security interest in the goods;\n (ii) has an insurable interest in the goods; or\n (iii) bears the risk of loss under the lease contract or has\n since the injury assumed that risk as against the lessor\n and the goods have been converted or destroyed.\n (2) If at the time of the injury the party plaintiff did not bear the\nrisk of loss as against the other party to the lease contract and there\nis no arrangement between them for disposition of the recovery, his or\nher suit or settlement, subject to his or her own interest, is as a\nfiduciary for the other party to the lease contract.\n (3) Either party with the consent of the other may sue for the benefit\nof whom it may concern.\n