Michigan § 440.2981 - Third party causing injury.

Full text of Michigan Michigan Compiled Laws § 440.2981 — Third party causing injury., with citation guidance and answers to common questions.

§ 440.2981. Third party causing injury.

Sec. 2A531.(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 any of the following apply to the lessee:

(a)

Has a security interest in the goods.

(b)

Has an insurable interest in the goods.

(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 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.

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Frequently Asked Questions About Michigan § 440.2981

What does Michigan Compiled Laws § 440.2981 cover?

Section 440.2981 ("Third party causing injury.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Michigan § 440.2981?

A common citation format is "Michigan Compiled Laws § 440.2981" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Michigan law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.

How does Michigan § 440.2981 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.