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Can you summarize MNST 336.2A-531?
UNIFORM COMMERCIAL CODE > STANDING TO SUE THIRD PARTIES FOR INJURY TO GOODS.
Short Summary
This provision, found in the Minnesota Statutes under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, addresses the standing to sue third parties for injury to goods. According to this provision, if a third party causes actionable injury to a party to a lease contract by dealing with goods that have been identified to the lease contract, both the lessor and the lessee have a right of action against the third party. The lessee can exercise this right if they have a security interest in the goods, an insurable interest in the goods, or bear the risk of loss under the lease contract. If the party plaintiff did not bear the risk of loss at the time of the injury and there is no arrangement for disposition of the recovery, the party plaintiff’s suit or settlement is as a fiduciary for the other party to the lease contract. Either party, with the consent of the other, may sue for the benefit of whom it may concern.
Whom does it apply to?
Lessors and lessees involved in lease contracts
What does it govern?
Standing to sue third parties for injury to goods
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Minnesota