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Searching 2023-2024 Session

The Vermont Statutes Online

The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.

NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.

Title 9A : Uniform Commercial Code

Article 002A : Leases

(Cite as: 9A V.S.A. § 2A-531)
  • § 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 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 or her suit or settlement, subject to his or her 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. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)