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 Virginia. A stay of execution is a document that requests the court to suspend the enforcement of an arbitrator’s award. In the case of a securities arbitration award, this usually refers to a stay of the award, prohibiting the victorious party from collecting the award until the court has reviewed the award and either granted the stay or denied it. In Virginia, a stay of execution can be obtained if the challenging party can demonstrate that it has sufficient grounds for challenging the award, and that without a stay, it will suffer irreparable harm. This could include potential financial hardship, or a clear violation of arbitration law. In Virginia, if the challenging party is successful in obtaining a stay of execution, the stay will remain in effect until the court issues a final ruling on the challenge. Until then, the victorious party cannot collect the award, and the stay of execution remains in place.
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