Section 5-1401 of the GOL provides that a provision of the choice of law is valid in an agreement that governs New York law governing the rights and obligations of the parties, even if the agreement is not in a reasonable relationship with the state, provided the transaction is valued at a minimum value of $250,000. a contract in the banking and financial sector (for example. B a loan contract) is governed by the law of the country in which the bank is headquartered, the parties would claim competing claims on which the court had greater contact with the parties, the agreement and the dispute. And the Court would choose the law of the state with the main contacts and interests. Often this required the presentation of insurance and sworn documents – and, in many cases, a hearing of evidence (essentially a mini-trial).