Section 400.1-105

Title XXVI TRADE AND COMMERCE

Chapter 400

Effective - 01 Jul 2001, 3 histories, see footnote   (history) 

  400.1-105.  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 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 400.2-402.

  Applicability of the Article on Leases. Sections 400.2A-105 and 400.2A-106.

  Applicability of the Article on Bank Deposits and Collections. Section 400.4-102.

  Letter of credit. Section 400.5-116.

  Bulk transfers subject to the Article on Bulk Transfers. Section 400.6-102.

  Applicability of the Article on Investment Securities. Section 400.8-110.

  Law governing perfection, the effect of perfection or nonperfection, and the priority of security interests. Sections 400.9-301 through 400.9- 307.

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(L. 1963 p. 503 § 1-105, A.L. 1988 S.B. 583, A.L. 1992 S.B. 448, A.L. 1997 S.B. 6, A.L. 2001 S.B. 288)

Effective 7-1-01