If the parties have agreed in writing that an action on a controversy shall be brought only in another state and it is brought in a court of this state, the court will dismiss or stay the action, as appropriate, unless:
I. The court is required by statute to entertain the action;
II. The plaintiff cannot secure effective relief in the other state, for reasons other than delay in bringing the action;
III. The other state would be a substantially less convenient place for the trial of the action than this state;
IV. The agreement as to the place of the action was obtained by misrepresentation, duress, the abuse of economic power, or other unconscionable means; or
V. It would for some other reason be unfair or unreasonable to enforce the agreement.
Source. 1969, 320:1, eff. Aug. 29, 1969.