Creditors' and Debtors' Rights

In a case of first impression, the U.S. Court of Appeals for the Third Circuit has ruled that a lendee who has not received all of the required disclosures from the lender exercises the right to rescind a loan under the federal Truth in Lending Act simply by notifying the lender in writing within three years of consummating the transaction. The lendee does not, however, need to file suit seeking declaration of rescission within that three-year time period, the court found.

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