Tex. Business & Commerce Code § 2A.531
This is the official text of Tex. Business & Commerce Code § 2A.531, part of Texas’s Business & Commerce Code — governs commercial transactions and general business practices.
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§ 2A.531. STANDING TO SUE THIRD PARTIES FOR INJURY TO GOODS.
Official statutory text
(a) 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:
(1) the lessor has a right of action against the third party; and
(2) the lessee also has a right of action against the third party if the lessee:
(A) has a security interest in the goods;
(B) has an insurable interest in the goods;
(C) 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.
(b) 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, the party's suit or settlement, subject to the party's own interest, is as a fiduciary for the other party to the lease contract.
(c) Either party with the consent of the other may sue for the benefit of whom it may concern.
(1) the lessor has a right of action against the third party; and
(2) the lessee also has a right of action against the third party if the lessee:
(A) has a security interest in the goods;
(B) has an insurable interest in the goods;
(C) 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.
(b) 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, the party's suit or settlement, subject to the party's own interest, is as a fiduciary for the other party to the lease contract.
(c) Either party with the consent of the other may sue for the benefit of whom it may concern.
Status: in_force · Read it on the official government site
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