Is it possible to obtain a stay of execution on a securities arbitration award?
Yes, it is possible to obtain a stay of execution on a securities arbitration award in North Carolina. A stay of execution (or simply “stay”) is an order which postpones the enforcement of a court or an arbitration award. A party to a dispute may move for a stay of execution if they wish to appeal the court’s or the arbitration award. In North Carolina, the criteria for granting a stay are set forth in Rule 62 of the North Carolina Rules of Civil Procedure. The criteria include the likelihood that the stay will cause substantial injury to another party, the harm to the movant, and the ease with which the stay can be enforced if it is granted. In securities arbitration, the North Carolina Securities Division (NCSD) has a specific rule (Rule Prot.100) that allows a party to a securities arbitration award to be granted a stay on the execution of the award. To obtain a stay of execution on a securities arbitration award, the party must file a petition in writing with the NCSD. Once the petition is filed, the NCSD will review the petition to determine whether the criteria for granting the stay have been met. If the criteria are met, the NCSD will grant the stay and the award will not go into effect until the stay is lifted.
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