Is there a timeline for enforcing a securities arbitration award?
In Tennessee, there is a timeline for enforcing a securities arbitration award. Generally, the party who is seeking to enforce the award has four years after the award is issued to do so. This time period will begin to run from the day that the arbitral award is issued by the arbitrator or tribunal. Furthermore, under Tennessee Law, there are certain timelines for initiating proceedings to enforce an arbitral award as well. In order to file a motion to enforce an arbitral award in Tennessee, the applicable statute of limitations is three years from the issuance date of the award. In other words, the party seeking to enforce the award must do so within three years of the award date, or else they will be barred from bringing such a motion. This three year period can be extended if certain conditions are met. Once a motion to enforce is filed, the court will review the award to determine if it should be confirmed. If the court issues a confirmation of the award, the party seeking to enforce it can then proceed to enforcement of the award, such as by obtaining a writ of execution or garnishment. Overall, parties should be aware of the timelines for enforcing a securities arbitration award in Tennessee. While four years may seem like enough time, the filing of a motion to enforce an arbitral award must be completed within three years of the award date in order for the motion to be successful.
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