What is the process for submitting an award to a court following a securities arbitration?
In Kansas, the process for submitting an award to a court following a securities arbitration is fairly straightforward. After the arbitrators have issued their final award, a written petition is filed with the court by the party who requested the arbitration. This petition must include a copy of the arbitration award, along with any other documents that are necessary to support the petition. Once the petition is filed, the other party has 20 days to file a response. If they do not file a response during this time frame, they are considered to be in default and the petitioning party is able to proceed without their consent. If either party does file a response, the court will hear the case and make a decision. Both parties will be given the opportunity to present their case, and the court is responsible for determining if the award is valid and should be enforced. Once the court has made its decision, it will issue a Final Award Order, which will dictate the enforcement of the arbitration award. Any further enforcement or legal action must be taken within 30 days of the Final Award Order being issued. Additionally, both parties are responsible for ensuring that the award is recognized and enforced in other states, if necessary.
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