2002 Minnesota Statutes

     336.1-105 Territorial application of the chapter; 
  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 336.2-402. 

    Applicability of the article on leases.  Sections 
 336.2A-105 and 336.2A-106.  

    Applicability of the article on bank deposits and 
 collections.  Section 336.4-102. 

    Governing law in the article on funds transfers.  Section 
 336.4A-507. 

    Letters of Credit.  Section 336.5-116. 

    Applicability of the article on investment securities. 
 Section 336.8-110. 

    Law governing perfection, the effect of perfection or 
 nonperfection, and the priority of security interests and 
 agricultural liens.  Sections 336.9-301 to 336.9-307. 

    HIST: 1965 c 811 s 336.1-105; 1976 c 135 s 1; 1989 c 232 art 2 
 s 2; 1990 c 582 art 2 s 1; 1991 c 171 art 2 s 1; 1995 c 194 art 
 3 s 1; 1997 c 11 art 2 s 1; 2000 c 399 art 2 s 1