Section 71.3010 - 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.(2) In the absence of such an agreement effective under subsection (1) of this section and except as provided in subsection (3) of this section, the Uniform Commercial Code applies to transactions bearing an appropriate relation to this state.(3) 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:(a) Rights of creditors against sold goods as specified in ORS 72.4020.(b) Applicability of ORS chapter 72A on leases.(c) Applicability of ORS chapter 74 as specified in ORS 74.1020.(d) Applicability of ORS chapter 74A as specified in ORS 74A.5070.(e) Applicability of ORS chapter 75 as specified in ORS 75.1160.(f) Applicability of ORS chapter 78 as specified in ORS 78.1100.(g) ORS 79.0301 to 79.0307 governing perfection, the effect of perfection or nonperfection and the priority of security interests and agricultural liens.71.3010 to 71.3100 were added to and made a part of the Uniform Commercial Code by legislative action but were not added to ORS chapter 71 or any series therein. See Preface to Oregon Revised Statutes for further explanation.