Section 440.1105 - Agreement as to law governing rights and duties of parties; act applicable to transactions upon failure to agree; effect of contrary agreement where act specifies applicable law.
UNIFORM COMMERCIAL CODE (EXCERPT)
Act 174 of 1962
440.1105 Agreement as to law governing rights and duties of parties; act applicable to transactions upon failure to agree; effect of contrary agreement where act specifies applicable law.
Sec. 1105.
(1) Except as provided in this section, if 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. Failing agreement this act applies to transactions bearing an appropriate relation to this state.
(2) If 1 of the following provisions of this act 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) specified:
Rights of creditors against sold goods. Section 2402. Applicability of the article on leases. Sections 2A105 and 2A106. Applicability of the article on bank deposits and collections. Section 4102. Governing law in the article on funds transfers. Section 4A507. Letters of credit. Section 5116. Applicability of the article on investment securities. Section 8110. Law governing perfection, the effect of perfection or nonper- fection, and the priority of security interests and agricul- tural liens. Sections 9301 through 9307.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1978, Act 369, Eff. Jan. 1, 1979 ;-- Am. 1992, Act 100, Imd. Eff. June 25, 1992 ;-- Am. 1992, Act 101, Eff. Sept. 30, 1992 ;-- Am. 1998, Act 278, Imd. Eff. July 27, 1998 ;-- Am. 1998, Act 488, Imd. Eff. Jan. 4, 1999 ;-- Am. 1998, Act 489, Imd. Eff. Jan. 4, 1999 ;-- Am. 2000, Act 348, Eff. July 1, 2001