1. Whenever a claim exists under the law of another state, action thereon may be brought in this state by
(1) The person or persons entitled to the proceeds of such claim if he or they are authorized to bring such action by the laws of said other state;
(2) The executor, administrator, guardian, guardian ad litem or other person empowered by the laws of said other state to sue in a representative capacity if the person or persons entitled to the proceeds of such claim are not authorized to sue in such cases under the law of said other state.
2. In the cases mentioned in subdivision (2), the proceeds of the action, resulting either from judgment or settlement, shall be paid to the person bringing such suit and such person is authorized to satisfy the judgment and execute release. Such person to whom the proceeds are paid shall have authority to distribute and pay same to the person or persons entitled thereto, according to their respective interests therein, under the laws of said other state.