(a) Joinder of claim against Fund with disciplinary proceeding against registrant.-
(1) The Division may join a proceeding on a claim against the Guaranty Fund with a disciplinary proceeding against a registrant under this subtitle if the disciplinary hearing is based on the same facts alleged in the claim.
(2) In a consolidated proceeding the claimant is a party, and may participate in the hearing to the extent necessary to establish the claim.
(b) Joinder of claim for recovery from Fund with judicial action; stay of proceedings.-
(1) Notwithstanding § 4.5-702(2) of this subtitle, a claimant may not concurrently submit a claim to recover from the Guaranty Fund and bring an action in a court of competent jurisdiction against a registrant based on the same facts alleged in the claim.
(2) If, after filing a claim, the claimant brings an action in a court of competent jurisdiction based on the same facts alleged in the pending claim, the Division shall stay its proceedings on the claim until there is a final judgment and all rights to appeal are exhausted.
(3) To the extent that a final judgment or final award in arbitration is based on the same factual and legal issues alleged in a pending claim, the Division shall:
(i) approve the claim against the Guaranty Fund, if the judgment or award is decided in favor of the claimant and the registrant has failed to pay the judgment or award; or
(ii) dismiss the claim against the Guaranty Fund, if the judgment or award is decided in favor of the registrant.
(a) Joinder of claim against Fund with disciplinary proceeding against registrant.-
(1) The Division may join a proceeding on a claim against the Guaranty Fund with a disciplinary proceeding against a registrant under this subtitle if the disciplinary hearing is based on the same facts alleged in the claim.
(2) In a consolidated proceeding the claimant is a party, and may participate in the hearing to the extent necessary to establish the claim.
(b) Joinder of claim for recovery from Fund with judicial action; stay of proceedings.-
(1) Notwithstanding § 4.5-702(2) of this subtitle, a claimant may not concurrently submit a claim to recover from the Guaranty Fund and bring an action in a court of competent jurisdiction against a registrant based on the same facts alleged in the claim.
(2) If, after filing a claim, the claimant brings an action in a court of competent jurisdiction based on the same facts alleged in the pending claim, the Division shall stay its proceedings on the claim until there is a final judgment and all rights to appeal are exhausted.
(3) To the extent that a final judgment or final award in arbitration is based on the same factual and legal issues alleged in a pending claim, the Division shall:
(i) approve the claim against the Guaranty Fund, if the judgment or award is decided in favor of the claimant and the registrant has failed to pay the judgment or award; or
(ii) dismiss the claim against the Guaranty Fund, if the judgment or award is decided in favor of the registrant.
(a) Joinder of claim against Fund with disciplinary proceeding against registrant.-
(1) The Division may join a proceeding on a claim against the Guaranty Fund with a disciplinary proceeding against a registrant under this subtitle if the disciplinary hearing is based on the same facts alleged in the claim.
(2) In a consolidated proceeding the claimant is a party, and may participate in the hearing to the extent necessary to establish the claim.
(b) Joinder of claim for recovery from Fund with judicial action; stay of proceedings.-
(1) Notwithstanding § 4.5-702(2) of this subtitle, a claimant may not concurrently submit a claim to recover from the Guaranty Fund and bring an action in a court of competent jurisdiction against a registrant based on the same facts alleged in the claim.
(2) If, after filing a claim, the claimant brings an action in a court of competent jurisdiction based on the same facts alleged in the pending claim, the Division shall stay its proceedings on the claim until there is a final judgment and all rights to appeal are exhausted.
(3) To the extent that a final judgment or final award in arbitration is based on the same factual and legal issues alleged in a pending claim, the Division shall:
(i) approve the claim against the Guaranty Fund, if the judgment or award is decided in favor of the claimant and the registrant has failed to pay the judgment or award; or
(ii) dismiss the claim against the Guaranty Fund, if the judgment or award is decided in favor of the registrant.
