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§ 3-2B-06. Orders for party to post security

West's Annotated Code of MarylandCourts and Judicial Proceedings

West's Annotated Code of Maryland
Courts and Judicial Proceedings
Title 3. Courts of General Jurisdiction--Jurisdiction/Special Causes of Action (Refs & Annos)
Subtitle 2b. International Commercial Arbitration (Refs & Annos)
MD Code, Courts and Judicial Proceedings, § 3-2B-06
§ 3-2B-06. Orders for party to post security
Currentness
Request for party to post security
(a) Unless the arbitration agreement provides otherwise, the arbitral tribunal in an international commercial arbitration in this State may, at the request of a party and after an opportunity for any other party to the arbitration agreement to be heard, order any party to post security or countersecurity in a form satisfactory to the arbitral tribunal in an amount not to exceed the amount of that party's claim, cross-claim, or counterclaim (excluding attorneys' fees) if:
(1) The party to be required to post security or countersecurity resides in a country that has not ratified and adopted the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards and does not have sufficient assets in the United States to satisfy the amount of the claim or counterclaim; or
(2) The arbitral tribunal otherwise determines that there is good cause to require security or countersecurity.
Motion to vacate or modify order to post security
(b)(1) On motion of a party to a circuit court to vacate or modify an order for security or countersecurity, a hearing shall be held promptly.
(2) Unless the party required to post security or countersecurity establishes that an order for security or countersecurity is an abuse of discretion by the arbitral tribunal, the courts of this State shall enforce orders for security or countersecurity.

Credits

Added by Acts 1990, c. 333, § 1, eff. July 1, 1990. Amended by Acts 1991, c. 55, § 1, eff. April 9, 1991.
MD Code, Courts and Judicial Proceedings, § 3-2B-06, MD CTS & JUD PRO § 3-2B-06
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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