Territorial application of the code; parties’ power to choose applicable law.

(1) Except as provided 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 will govern their rights and duties. Failing such agreement, this code applies to transactions bearing an appropriate relation to this state.

(2) When 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-laws rules) so specified:

(a) Governing law in the chapter on controllable electronic records. (s. 669.107)

(b) Governing law in the chapter on funds transfers. (s. 670.507)

(c) Rights of sellers’ creditors against sold goods. (s. 672.402)

(d) Applicability of the chapter on bank deposits and collections. (s. 674.102)

(e) Applicability of the chapter on letters of credit. (s. 675.116)

(f) Applicability of the chapter on investment securities. (s. 678.1101)

(g) Law governing perfection, the effect of perfection or nonperfection, and the priority of security interests and agricultural liens. (ss. 679.3011-679.3071)

(h) Applicability of the chapter on leases. (ss. 680.1051 and 680.1061)