Is there a timeline for enforcing a securities arbitration award?

Yes, there is a timeline for enforcing a securities arbitration award in North Carolina. Depending on the type of award, it may need to be enforced within three years of the award date, or within a shorter period of time if the award was made by a court of law. This is known as the statute of limitations. When a party decides to enforce a securities arbitration award in North Carolina, it must file a Petition to Enforce Arbitration Award in the Civil Superior Court in the county in which the arbitration took place. This Petition must include a certified copy of the award, and it must be filed within or before the statute of limitations expires. Filing the Petition initiates a civil action. The opposing party has 21 days after being served or notified to respond, and if they don’t respond, the court may enter a default judgment. The court may also review the award and issue its own judgment, or order that the award be vacated or modified. Once the court has reached a decision, it will enter a judgment. The judgment is then sent to the county’s Register of Deeds and becomes a lien against the party who owes the award money. If the award is not enforced within the specified amount of time, the lien may expire. In North Carolina, the statute of limitations for enforcing a securities arbitration award is three years after the award is made. If the award was made by a court of law, the period may be shorter. It is important to note that enforcement action must be taken within this specified amount of time, or the lien may expire.

Is there a timeline for enforcing a securities arbitration award?

Related FAQs

Related Blog Posts