Section 55-1-301 - Territorial applicability; parties' power to choose applicable lawA. 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.B. In the absence of an agreement effective under Subsection A of this section, and except as provided in Subsection C of this section, 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 55-2-402 NMSA 1978;(2) Sections 55-2A-105 and 55-2A-106 NMSA 1978;(3) Section 55-4-102 NMSA 1978;(4) Section 55-4A-507 NMSA 1978;(5) Section 55-5-116 NMSA 1978;(6) Section 55-8-110 NMSA 1978;(7) Sections 55-9-301 through 55-9-307 NMSA 1978; and(8) Section 55-12-107 NMSA 1978.1953 Comp., § 50A-1-105, enacted by Laws 1961, ch. 96, § 1-105; 1978 Comp. §55-1-105; recompiled by compiler as 1978 Comp. § 55-1-105; Laws 2005, ch. 144, § 15.Amended by 2023, c. 142,s. 3, eff. 1/1/2024.