Territorial Application of the Act; Parties' Power to Choose

Applicable Law. COL070307 DIV. 1 GENERAL PROVISIONS

(1)Except as provided hereafter in this section, when a transaction bears a reasonable relation to this territory and also to any state or nation the parties may agree that the law either of this territory or of such other state or nation shall govern their rights and duties. Failing such agreement this code applies to transactions bearing an appropriate relation to this territory.

(2)Where one of the following provisions of this code 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 law rules) so specified: Rights of creditors against sold goods. § 2402. Applicability of the division on bank deposits and collections. § 4102. Bulk transfers subject to the division on bulk transfers. § 6102. Applicability of the division on investment securities. § 8106. Perfection provisions of the division on secured transactions. § 9103.