8.01-581 - Fiduciary may submit to arbitration. - Virginia Statutes

§ 8.01-581. Fiduciary may submit to arbitration.

Any personal representative of a decedent, fiduciary of a person under adisability, or other fiduciary may submit to arbitration any suit or matterof controversy touching the estate or property of such decedent, or personunder a disability or in respect to which he is trustee. And any submissionso made in good faith, and the award made thereupon, shall be binding andentered as the judgment of a court, if so required by the agreement, in thesame manner as other submissions and awards. No such fiduciary shall beresponsible for any loss sustained by an award adverse to the interests ofthe person under a disability or beneficiary under any such trust, unless itwas caused by his fault or neglect.

(Code 1950, § 8-507; 1977, c. 617.)