If there is more than one viator or purchaser of viatical settlements with respect to a single policy and they are residents of different states, one of whom resides in this State and enters or seeks to enter into a viatical settlement or an agreement to purchase a viatical settlement, the legal effect of the viatical settlement or agreement to purchase a viatical settlement, as applicable, is governed by the law of the state in which the viator or the purchaser having the largest fractional ownership resides. If the viators or purchasers of viatical settlements own equal fractions, they may agree in writing to choose which state, among the states in which the viators or purchasers of viatical settlements reside, will be the state whose law will govern.