Territorial applicability; parties' power to choose applicable law [UCC 1-301]

1. (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.
2. (B) In the absence of an agreement effective under division (A) of this section, and except as provided in division (C) of this section, 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.

3. (C) If 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 so specified:

   1. (1) Section 1302.43 of the Revised Code;
   2. (2) Sections 1310.03 and 1310.04 of the Revised Code;
   3. (3) Section 1304.02 of the Revised Code;
   4. (4) Section 1304.85 of the Revised Code;
   5. (5) Section 1305.15 of the Revised Code;
   6. (6) Section 1308.05 of the Revised Code;
   7. (7) Sections 1309.301 to 1309.307 of the Revised Code.