New York Laws
Article 78 - Life Settlements
7819 - Applicability and Choice of Law.

(b)(1) If there is more than one owner on a single policy, and the
owners are residents of different states, then the state of residency
shall be the state in which the owner having the largest percentage of
ownership resides or, if the owners hold equal ownership, the state of
residence of one owner, agreed upon in writing by all of the owners.
(2) A life settlement contract entered into with an owner who is a
resident of another state may be governed by the laws of the other state
provided that the owner elects in writing to be governed by the laws of
the other state, and if the owner is also a resident of this state, the
life settlement contract is made, proposed to be made and solicited
outside this state.
(c) For the purposes of this section, with respect to any person other
than a natural person, the state of residence shall be:
(1) the state in which the person maintains its principal place of
business; or
(2) with respect to a trust, a state in which the grantor resides.