PART 3. 
TERRITORIAL APPLICABILITY AND GENERAL RULES



 



§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]