Territorial Application of Chapter; Parties' Power to Choose Applicable Law
[ Text of section effective until July 1, 2013. Repealed by 2013, 30, Sec. 2 applicable as provided by 2013, 30, Sec. 116.]
Section 1-105. (1) Except as provided hereafter 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 chapter applies to transactions bearing an appropriate relation to this state.
(2) 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:
Rights of creditors against sold goods. Section 2-402.
Applicability of the Article on Leases. Sections 2A-105 and 2A-106.
Applicability of the Article on Bank Deposits and Collections. Section 4-102.
Applicability of the Article on Investment Securities. Section 8-110.
Law governing perfection, the effect of perfection or nonperfection, and the priority of security interests. Sections 9-301 to 9-307, inclusive.
Governing law in the Article on Funds Transfers. Section 4A-507.
Letters of Credit. Section 5-116.
(3) In this act unless the context otherwise requires:
(a) words in the singular number include the plural, and in the plural include the singular;
(b) words of the masculine gender include the feminine and the neuter, and when the sense so indicates words of the neuter gender may refer to any gender.