Minnesota Statutes 336.1-301 – Territorial Applicability; Parties’ Power to Choose Applicable Law
(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.
Terms Used In Minnesota Statutes 336.1-301
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(b) In the absence of an agreement effective under subsection (a), and except as provided in subsection (c), the Uniform Commercial Code applies to transactions bearing an appropriate relation to this state.
(c) If one of the following provisions of the Uniform Commercial 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) section 336.2-402;
(2) sections 336.2A-105 and 336.2A-106;
(3) section 336.4-102;
(4) section 336.4A-507;
(5) section 336.5-116;
(6) section 336.8-110;