355.2A -531 Standing to sue third parties for injury to goods. (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 ag ainst 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. (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 sett lement, 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. Effective: January 1, 1991 History: Created 1990 Ky. Acts ch. 3 63, sec. 78, effective January 1, 1991. Legislative Research Commission Note (6/8/2011). ay sue for the benefit of whom it may concern. Effective: January 1, 1991 History: Created 1990 Ky. Acts ch. 3 63, sec. 78, effective January 1, 1991. Legislative Research Commission Note (6/8/2011). The internal numbering of subdivisions of subsection (1) of this statute has been corrected by the Reviser of Statutes under the authority of KRS 7.136.
Kentucky Legal Code