§ 70A-1a-301. Territorial applicability -- Parties' power to choose applicable law.

(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 title applies to transactions bearing an appropriate relation to this state.

(2) Where one of the following provisions of this title 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:

(a) rights of creditors against sold goods under Section 70A-2-402;

(b) applicability of the chapter on leases under Sections 70A-2a-105 and 70A-2a-106;

(c) applicability of the chapter on bank deposits and collections under Section 70A-4-102;

(d) applicability of the chapter on funds transfers under Section 70A-4a-507;

(e) applicability of the chapter on letters of credit under Section 70A-5-116;

(f) applicability of the chapter on investment securities under Section 70A-8-109; or

(g) law governing perfection, the effect of perfection or nonperfection, and the priority of security interests and agricultural liens under Sections 70A-9a-301 through 70A-9a-307.

Enacted by Chapter 272, 2007 General Session