Trust proceedings -- Dismissal of matters relating to foreign trusts.
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(1) The court may not, over the objection of a party, entertain proceedings under Section 75-7-201 involving a trust which:
(a) is under the continuing supervision of a foreign court;
(b) is registered in another state; or
(c) has a fiduciary which transacts a major portion of its trust administration in another state.
(2) Notwithstanding Subsection (1), the court may entertain a proceeding regarding any matter involving a trust if:
(a) all appropriate parties could not be bound by litigation in the courts of the other state; or
(b) the interests of justice would be seriously impaired.
(3) The court may condition a stay or dismissal of a proceeding on the consent of any party to the jurisdiction of the courts of another state, or the court may grant a continuance or enter any other appropriate order.