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Question
Sterling Bank, as holder of a promissory note executed by Nova Tools Co. in its favor, before filing assigns its right to collect the note to Equity Finance, LLC. Sterling Bank then files a collection suit in the trial court against Nova Tools Co. in Sterling Bank's name only, with no substitution reflecting the assignee and Equity Finance not named as a party. (a) State the controlling doctrine on who may sue and be sued in a civil action, focusing on real party in interest and assignment under Rule 3. (b) Is the action properly framed as brought by Sterling Bank? If not, what remedy should the court order? (c) If the assignment exists and is valid, what steps must be taken to reflect the real party in interest and what is the effect on the case?