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§ 2A-531. Standing to Sue Third Parties for Injury to Goods

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 2a. Leases (Refs & Annos)
12A Okl.St.Ann. § 2A-531
§ 2A-531. Standing to Sue Third Parties for Injury to Goods
Currentness
(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 suit or settlement, subject to his 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.

Credits

Laws 1988, c. 86, § 78, eff. Nov. 1, 1988.
12A Okl. St. Ann. § 2A-531, OK ST T. 12A § 2A-531
Current with emergency effective legislation through Chapter 106 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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