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A. Choice of Law Generally. Except as provided in subsection (B) of this section and unless preempted by federal law, if a transaction bears a reasonable relation to this Osage Nation and also to another Indian Tribe or Nation, state, or country, the parties may agree that the law either of this Osage Nation or of such other Tribe or Nation, state, or country governs their rights and duties. In the absence of an effective agreement, this Osage Nation Secured Transactions Act applies to all transactions bearing an appropriate relation to this Osage Nation. The fact that the law of another Indian Tribe or Nation, state, or country is applicable as provided in this section does not affect the jurisdiction or venue of this Osage Nation, nor does it waive the sovereign immunity of this Osage Nation or of any agency or instrumentality thereof.

B. When Agreement Ineffective. An agreement otherwise effective under subsection (A) of this section is ineffective in any of the following cases:

1. In a consumer transaction;

2. To the extent the agreement purports to vary the provisions of Subpart 1 of Part 3 of this Osage Nation Secured Transactions Act, concerning the law governing perfection and priority; or

3. To the extent that application of the law of the Indian Tribe or Nation, state, or country designated in the agreement would be contrary to a law or fundamental policy of the Osage Nation. ONCA 07-22, eff. June 18, 2007.