336.1-301 TERRITORIAL APPLICABILITY; PARTIES' POWER TO CHOOSE
(a) Except as otherwise 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 shall govern their rights and duties.
(b) In the absence of an agreement effective under subsection (a), and except as provided
in subsection (c), the Uniform Commercial Code applies to transactions bearing an appropriate
relation to this state.
(c) If one of the following provisions of the Uniform Commercial Code specifies the
applicable law, that provision governs and a contrary agreement is effective only to the extent
permitted by the law so specified:
History: 2004 c 162 art 1 s 16