(1) If a party objects, the court shall not entertain a proceeding under section 7203 that involves a trust that is registered or that has its principal place of administration in another state, unless either of the following applies:

  (a) All appropriate parties could not be bound by litigation in the courts of the state where the trust is registered or has its principal place of administration.

  (b) The interests of justice would otherwise be seriously impaired.

  (2) The court may condition a stay or dismissal of a proceeding under this section on the consent of a party to jurisdiction of the state in which the trust is registered or has its principal place of business, grant a continuance, or enter another appropriate order.