(1) 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 subtitle applies to transactions bearing an appropriate relation to this state.
(2) Where one of the following provisions of this subtitle 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. Section 4-2-402.
Applicability of the chapter on leases. Sections 4-2A-105 and 4-2A-106.
Applicability of the chapter on bank deposits and collections. Section 4-4-102.
Governing law in the chapter on funds transfers. Section 4-4A-507.
Letters of Credit. Section 4-5-116.
Applicability of the chapter on Investment Securities. Section 4-8-110.
Law governing perfection, the effect of perfection or non-perfection, and the priority of security interests and agricultural liens. Sections 4-9-301 through 4-9-307.
Structure Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 1 - Uniform Commercial Code
Chapter 1 - General Provisions
Part 3 - Territorial Applicability and General Rules
§ 4-1-301. Territorial application of the subtitle — Parties' power to choose applicable law
§ 4-1-302. Variation by agreement
§ 4-1-303. Course of performance — Course of dealing — Usage of trade
§ 4-1-304. Obligation of good faith
§ 4-1-305. Remedies to be liberally administered
§ 4-1-306. Waiver or renunciation of claim or right after breach
§ 4-1-307. Prima facie evidence by third-party documents
§ 4-1-308. Performance or acceptance under reservation of rights