(a) A party may not assert a claim in an arbitration proceeding if the party could not bring suit for the claim in court due to the expiration of the applicable limitations period.
(b) A party may assert a claim in an arbitration proceeding after expiration of the applicable limitations period if:
(1) the party brought suit for the claim in court before the expiration of the applicable limitations period; and
(2) the parties to the claim agreed to arbitrate the claim or a court ordered the parties to arbitrate the claim.