(1) Except as provided hereafter in this Code 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) Where 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:

Rights of creditors against sold goods. Code Section 11-2-402.

Applicability of the article of this title on leases (Article 2A of this title). Code Sections 11-2A-105 and 11-2A-106.

Applicability of the article of this title on bank deposits and collections (Article 4 of this title). Code Section 11-4-102.

Bulk transfers subject to the article of this title on bulk transfers (Article 6 of this title). Code Section 11-6-102.

Applicability of the article of this title on investment securities (Article 8 of this title). Code Section 11-8-110.

Law governing perfection, the effect of perfection or nonperfection, and the priority of security interests and agricultural liens. Code Sections 11-9-301 through 11-9-307.

Governing law in the article on funds transfers (Article 4A of this title). Code Section 11-4A-507.