§490:1-301 Territorial applicability; parties' power to choose applicable law. (a) Except as otherwise 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.
(b) In the absence of an agreement effective under subsection (a), and except as provided in subsection (c), the Uniform Commercial Code applies to transactions bearing an appropriate relation to this State.
(c) 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 490:2-402;
(2) Sections 490:2A-105 and 490:2A-106;
(3) Section 490:4-102;
(4) Section 490:4A-507;
(5) Section 490:5-116;
(6) Section 490:8-110; and
(7) Sections 490:9-301 through 490:9-307. [L 2004, c 162, pt of §1]
Section: Previous 490-1-108 490-1-201 490-1-202 490-1-203 490-1-204 490-1-205 490-1-206 490-1-301 490-1-302 490-1-303 490-1-304 490-1-305 490-1-306 490-1-307 490-1-308 NextLast modified: October 27, 2016