Provided are a method, system, and article of manufacture for using device status information to takeover control of devices assigned to a node. A first processing unit communicates with a second processing unit. The first processing unit uses a first device accessible to both the first and second processing units and the second processing unit uses a second device accessible to both the first and second processing units. The first processing unit receives status on the second device from the first device indicating whether the second device is available or unavailable. The first processing unit detects a failure of the second processing unit and determines from the received status on the second device whether the first device is available in response to detecting the failure of the second processing unit. The first processing unit configures the second device for use by the first processing unit in response to determining that the received status on the second device indicates that the second device is available and in response to detecting the failure.