Section 41-01-15 - (1-301) Territorial applicability - Parties' power to choose applicable law1. Except as provided hereafter 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. If 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: a. Rights of creditors against sold goods. Section 41-02-47.b. Applicability of the chapter on leases. Sections 41-02.1-05 and 41-02.1-06.c. Applicability of the chapter on bank deposits and collections. Section 41-04-02.d. Governing law in the chapter on funds transfers. Section 41-04.1-38.e. Letters of credit. Section 41-05-16.f. Applicability of the chapter on investment securities. Section 41-08-10.g. Law governing perfection, the effect of perfection or nonperfection, and the priority of security interests and agricultural liens. Sections 41-09-21 through 41-09-27.h. Governing law in the chapter on controllable electronic records. Section 41-12-07.Amended by S.L. 2023 , ch. 371( HB 1082 ), § 3, eff. 8/1/2023.