Iowa Code § 554.13531
Standing to sue third parties for injury to goods
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2015
As of January 1, 2012
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 (i) the lessor has a right of action against the third party, and (ii) the lessee also has a right of action against the third party if the lessee:
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 the lessor has a right of action against the third party, and the lessee also has a right of action against the third party if the lessee:
a. has a security interest in the goods;
a. has a security interest in the goods;
b. has an insurable interest in the goods; or
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.
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.
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, the plaintiff party’s suit or settlement, subject to party plaintiff’s own interest, is as a fiduciary for the other party to the lease contract.
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, the plaintiff party’s suit or settlement, subject to party plaintiff’s 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.
3. Either party with the consent of the other may sue for the benefit of whom it may concern.
94 Acts, ch 1052, §83
94 Acts, ch 1052, §83; 2013 Acts, ch 30, §261
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.