Section 382-A:1-301 - Territorial Application of Chapter; Parties' Power to Choose Applicable Law(a) Except as provided in paragraph (b), if 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. In the absence of such an agreement, this chapter applies to transactions bearing a reasonable relation to this state.(b) Where one of the following provisions of this chapter 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: (1) Rights of creditors against sold goods, Section 2-402.(2) Applicability of the Article on Leases, Sections 2A-105 and 2A-106.(3) Applicability of the Article on Bank Deposits and Collections, Section 4-102.(4) Governing law in the Article on Funds Transfer, Section 4A-507.(5) Letters of Credit, Section 5-116.(6) Applicability of the Article on Investment Securities, Section 8-110.(7) Law governing perfection, the effect of perfection or nonperfection, and the priority of security interests and agricultural liens, Sections 9-301 through 9-307. 2006, 169:1, eff. Jan. 1, 2007.