New Jersey § 12a:2a-531
Full text of New Jersey New Jersey Statutes § 12a:2a-531, with citation guidance and answers to common questions.
§ 12a:2a-531.
(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, the suit or settlement of the party plaintiff,
subject to the party plaintiff's 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.
Frequently Asked Questions About New Jersey § 12a:2a-531
What does New Jersey Statutes § 12a:2a-531 cover?
Section 12a:2a-531 is part of the New Jersey Statutes, the codified statutory law of New Jersey. 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 New Jersey § 12a:2a-531?
A common citation format is "New Jersey Statutes § 12a:2a-531" (New Jersey). 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 New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 12a:2a-531 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey 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 New Jersey.