Title 11, Chapter 2A, Section 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 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.