(1) Except as provided in this section, when a transaction bears a reasonable relation to this state and also to another state or nation, the parties may agree that the law either of this state or of such other state or nation shall govern their rights and duties. Failing such agreement this subtitle applies to transactions bearing an appropriate relation to this state.
(2) Where one of the following provisions of this subtitle specifies the applicable law, that provision governs and a contrary agreement is effective only to the extent permitted by the law (including the conflict of laws rules) so specified:
Rights of creditors against sold goods. Section 4-2-402.
Applicability of the chapter on leases. Sections 4-2A-105 and 4-2A-106.
Applicability of the chapter on bank deposits and collections. Section 4-4-102.
Governing law in the chapter on funds transfers. Section 4-4A-507.
Letters of Credit. Section 4-5-116.
Applicability of the chapter on Investment Securities. Section 4-8-110.
Law governing perfection, the effect of perfection or non-perfection, and the priority of security interests and agricultural liens. Sections 4-9-301 through 4-9-307.