Territorial Applicability; Parties’ Power to Choose Applicable Law.
(a) Except as provided hereafter 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 title applies to transactions bearing an appropriate relation to this state.
(b) To the extent that the Uniform Commercial Code governs a transaction, if one of the following provisions of the Uniform Commercial Code specifies the applicable law, that provision governs and a contrary agreement is effective only to the extent permitted by the law so specified:
(1) Section 2-402 of this title;
(2) Sections 2A-105 and 2A-106 of this title;
(3) Section 4-102 of this title;
(4) Section 4A-507 of this title;
(5) Section 5-116 of this title;
(6) Section 8-110 of this title; and
(7) Sections 1-9-301 through 1-9-307 of this title.
Added by Laws 2005, c. 139, § 14, eff. Jan. 1, 2006.