(1) Except as otherwise provided in the terms of a trust or this chapter, this chapter applies when this state is:
(a) the principal place of administration of a trust or estate; or
(b) the situs of property that is not held in a trust or estate and is subject to a life estate or other term interest described in Subsection 75A-5-103(2).
(2) By accepting the trusteeship of a trust having the trust's principal place of administration in this state or by moving the principal place of administration of a trust to this state, the trustee submits to the application of this chapter to any matter within the scope of this chapter involving the trust.