§12A-1-105.

§12A-1-105.
   
   Territorial Application of the Act; Parties' Power to Choose
   Applicable Law.
   
   (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 title applies to transactions bearing an
   appropriate relation to this state.
   
   (2) Where one of the following provisions of this title 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 of this title.
   
   Applicability of the article on Leases. Sections 2A-105 and 2A-106 of
   this title.
   
   Applicability of the Article on Bank Deposits and Collections. Section
   4-102 of this title.
   
   Governing law in the article on Funds Transfers. Section 4A-507 of
   this title.
   
   Letters of credit. Section 5-116 of this title.
   
   Applicability of the article on Investment Securities. Section 8-110
   of this title.
   
   Perfection provisions of the article on Secured Transactions. Section
   9-103.1 of this title.