1301.05 Territorial application of the act - parties' power to choose applicable law - UCC 1-105. - Ohio Statutes

1301.05 Territorial application of the act - parties' power to choose applicable law - UCC 1-105.

(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 the other state or nation shall govern their rights and duties. In the absence of an agreement of that nature, Chapters 1301., 1302., 1303., 1304., 1305., 1307., 1308., 1309., and 1310. of the Revised Code apply to transactions bearing an appropriate relation to this state.

(B) Where one of the following provisions of Chapters 1301., 1302., 1303., 1304., 1305., 1307., 1308., 1309., and 1310. of the Revised 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:

(1) Rights of creditors against sold goods, as provided in section 1302.43 of the Revised Code;

(2) Applicability of sections 1304.01 to 1304.40 of the Revised Code, as provided in section 1304.02 of the Revised Code;

(3) Fund transfers under sections 1304.51 to 1304.85 of the Revised Code, as provided in section 1304.85 of the Revised Code;

(4) Choice of law as to letters of credit under section 1305.15 of the Revised Code;

(5) Applicability of Chapter 1308. of the Revised Code, as provided in section 1308.05 of the Revised Code;

(6) Perfection provisions, including the effect of perfection or nonperfection, and the priority of security interests and agricultural liens of sections 1309.301 to 1309.307 of the Revised Code;

(7) Applicability of sections 1310.01 to 1310.78 of the Revised Code, as provided in sections 1310.03 and 1310.04 of the Revised Code.

Effective Date: 07-01-2001