1. (a) Except as 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. Failing such agreement, this title applies to transactions bearing an appropriate relation to this state.

2. (b) Where one of the following provisions of this title 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 sold goods. Section 42a-2-402.

   Applicability of the article on leases. Sections 42a-2A-105 and 42a-2A-106.

   Applicability of the article on bank deposits and collections. Section 42a-4-102.

   Governing law in the article on funds transfers. Section 42a-4A-507.

   Letters of credit. Section 42a-5-116.

   Applicability of the article on investment securities. Section 42a-8-110.

   Law governing perfection, the effect of perfection or nonperfection and the priority of security interests and agricultural liens. Sections 42a-9-301 to 42a-9-307, inclusive.

(P.A. 05-109, S. 13.)