(1)      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 Titles 1 through 10 of this article apply to transactions bearing an appropriate relation to this State.

      (2)      Where one of the following provisions of Titles 1 through 10 of this article 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 against sold goods. § 2-402.

      Applicability of the title on leases. §§ 2A-105 and 2A-106.

      Applicability of the title on bank deposits and collections. § 4-102.

      Governing law in the title on funds transfers. § 4A-507.

      Letters of credit. § 5-116.

      Bulk transfers subject to the title on bulk transfers. § 6-103.

      Applicability of the title on investment securities. § 8-110.

      Law governing perfection, the effect of perfection or nonperfection, and the priority of security interests. §§ 9-301 through 9-307.