§ 8.1A-301. Territorial applicability; parties' power to choose applicablelaw.
(a) This section applies to a transaction to the extent that it is governedby another title of the Uniform Commercial Code.
(b) Except as otherwise provided in this section, when a transaction bears areasonable relation to this state and also to another state or nation theparties may agree that the law either of this state or such other state ornation shall govern their rights and duties.
(c) In the absence of an agreement effective under subsection (b), the rightsand obligations of the parties are determined by the law that would beselected by application of this State's conflict of laws principles.
(d) To the extent that the Uniform Commercial Code governs a transaction, ifone of the following provisions of the Uniform Commercial Code specifies theapplicable law, that provision governs and a contrary agreement is effectiveonly to the extent permitted by the law so specified:
(1) Rights of creditors against sold goods. § 8.2-402;
(2) Applicability of the title on leases. §§ 8.2A-105 and 8.2A-106;
(3) Applicability of the title on bank deposits and collections. § 8.4-102;
(4) Applicability of the title on funds transfers. § 8.4A-507;
(5) Letters of credit. § 8.5A-116;
(6) Bulk transfers subject to the title on bulk sales. § 8.6A-103;
(7) Applicability of the title on investment securities. § 8.8A-110;
(8) Law governing perfection, the effect of perfection or nonperfection, andthe priority of security interests and agricultural liens. §§ 8.9A-301through 8.9A-307.
(1964, c. 219, § 8.1-105; 1973, c. 509; 1990, c. 9; 1991, c. 536; 1996, c.216; 1997, cc. 121, 343; 2000, c. 1007; 2003, c. 353.)
§ 8.1A-301. Territorial applicability; parties' power to choose applicablelaw.
(a) This section applies to a transaction to the extent that it is governedby another title of the Uniform Commercial Code.
(b) Except as otherwise provided in this section, when a transaction bears areasonable relation to this state and also to another state or nation theparties may agree that the law either of this state or such other state ornation shall govern their rights and duties.
(c) In the absence of an agreement effective under subsection (b), the rightsand obligations of the parties are determined by the law that would beselected by application of this State's conflict of laws principles.
(d) To the extent that the Uniform Commercial Code governs a transaction, ifone of the following provisions of the Uniform Commercial Code specifies theapplicable law, that provision governs and a contrary agreement is effectiveonly to the extent permitted by the law so specified:
(1) Rights of creditors against sold goods. § 8.2-402;
(2) Applicability of the title on leases. §§ 8.2A-105 and 8.2A-106;
(3) Applicability of the title on bank deposits and collections. § 8.4-102;
(4) Applicability of the title on funds transfers. § 8.4A-507;
(5) Letters of credit. § 8.5A-116;
(6) Bulk transfers subject to the title on bulk sales. § 8.6A-103;
(7) Applicability of the title on investment securities. § 8.8A-110;
(8) Law governing perfection, the effect of perfection or nonperfection, andthe priority of security interests and agricultural liens. §§ 8.9A-301through 8.9A-307.
(1964, c. 219, § 8.1-105; 1973, c. 509; 1990, c. 9; 1991, c. 536; 1996, c.216; 1997, cc. 121, 343; 2000, c. 1007; 2003, c. 353.)
§ 8.1A-301. Territorial applicability; parties' power to choose applicablelaw.
(a) This section applies to a transaction to the extent that it is governedby another title of the Uniform Commercial Code.
(b) Except as otherwise provided in this section, when a transaction bears areasonable relation to this state and also to another state or nation theparties may agree that the law either of this state or such other state ornation shall govern their rights and duties.
(c) In the absence of an agreement effective under subsection (b), the rightsand obligations of the parties are determined by the law that would beselected by application of this State's conflict of laws principles.
(d) To the extent that the Uniform Commercial Code governs a transaction, ifone of the following provisions of the Uniform Commercial Code specifies theapplicable law, that provision governs and a contrary agreement is effectiveonly to the extent permitted by the law so specified:
(1) Rights of creditors against sold goods. § 8.2-402;
(2) Applicability of the title on leases. §§ 8.2A-105 and 8.2A-106;
(3) Applicability of the title on bank deposits and collections. § 8.4-102;
(4) Applicability of the title on funds transfers. § 8.4A-507;
(5) Letters of credit. § 8.5A-116;
(6) Bulk transfers subject to the title on bulk sales. § 8.6A-103;
(7) Applicability of the title on investment securities. § 8.8A-110;
(8) Law governing perfection, the effect of perfection or nonperfection, andthe priority of security interests and agricultural liens. §§ 8.9A-301through 8.9A-307.
(1964, c. 219, § 8.1-105; 1973, c. 509; 1990, c. 9; 1991, c. 536; 1996, c.216; 1997, cc. 121, 343; 2000, c. 1007; 2003, c. 353.)
