2006 New York Code - Risk Of Loss.

 
  Section 2-A-219. Risk of Loss.
    (1) Except in the case of a finance lease, risk of loss is retained by
  the  lessor  and  does  not pass to the lessee. In the case of a finance
  lease, risk of loss passes to the lessee.
    (2) Subject to the provisions of this Article on the effect of default
  on risk of loss (Section 2-A-220), if risk of loss is  to  pass  to  the
  lessee and the time of passage is not stated, the following rules apply:
         (a) if  the lease contract requires or authorizes the goods to be
             shipped by carrier:
             (i) and  it  does  not  require  delivery  at  a   particular
                 destination,  the  risk of loss passes to the lessee when
                 the goods are duly delivered to the carrier; but
            (ii) if it does require delivery at a  particular  destination
                 and  the  goods  are  there  duly  tendered  while in the
                 possession of the carrier, the risk of loss passes to the
                 lessee when the goods are there duly so  tendered  as  to
                 enable the lessee to take delivery.
         (b) if  the  goods  are  held by a bailee to be delivered without
             being moved, the  risk  of  loss  passes  to  the  lessee  on
             acknowledgment  by  the  bailee  of  the  lessee's  right  to
             possession of the goods.
         (c) in any case not within paragraph (a) or (b), the risk of loss
             passes to the lessee on the lessee's receipt of the goods  if
             the lessor, or, in the case of a finance lease, the supplier,
             is  a  merchant;  otherwise  the risk passes to the lessee on
             tender of delivery.