Alaska Statutes: AS 45.12.531. Standing to Sue Third Parties For Injury to Goods.

Alaska Statutes. Title 45. Trade and Commerce Chapter 12. Leases Section 531. Standing to Sue Third Parties For Injury to Goods.

previous: Section 530. Lessor's Incidental Damages.
next: Section 532. Lessor's Rights Regarding Residual Interest.

AS 45.12.531. Standing to Sue Third Parties For Injury to Goods.

(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; or

(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 plaintiff's suit or settlement, subject to the plaintiff'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.

This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful.