400.1-105. Territorial application of the act--parties' power to choose applicable law. - Missouri Statutes

Territorial application of the act--parties' power to chooseapplicable law.

400.1-105. (1) Except as provided hereafter in this section, when atransaction bears a reasonable relation to this state and also to anotherstate or nation the parties may agree that the law either of this state orof such other state or nation shall govern their rights and duties.Failing such agreement this chapter applies to transactions bearing anappropriate relation to this state.

(2) Where one of the following provisions of this chapter specifiesthe applicable law, that provision governs and a contrary agreement iseffective only to the extent permitted by the law (including the conflictof laws rules) so specified:

Rights of creditors against sold goods. Section 400.2-402.

Applicability of the Article on Leases. Sections 400.2A-105 and400.2A-106.

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

Letter of credit. Section 400.5-116.

Applicability of the Article on Investment Securities. Section400.8-110.

Law governing perfection, the effect of perfection or nonperfection,and the priority of security interests. Sections 400.9-301 through400.9-307.

(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, A.L. 2004 H.B. 904)

(1986) This section may require that Missouri law be applied despite a contractual choice-of-law provision otherwise. Carlson v. Tandy Computer Leasing, 803 F.2d 391 (8th Cir.).