27-2-405. When controversy submitted to arbitration. When the persons who might be adverse parties in an action have entered into a written agreement to submit to arbitration or to refer the cause of action or a controversy in which it might be available or have entered into a written submission of the cause or controversy to arbitrators and, before an award or other determination, the agreement or submission is revoked, so as to render it ineffectual, by the death of either party or by the act of the person against whom the action might have been brought or the execution or the remedy upon an award or other determination is stayed by injunction or other order procured from a competent court or judge, the time that has elapsed between the entering into the written submission or agreement and the revocation of the submission or agreement or the expiration of the stay is not a part of the time limited for the commencement of the action.