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rescission (ri·siˑ·zhn),

n the termination of a contract, either by a party legally entitled to do so or by court order.
References in periodicals archive ?
115) The CFPB, which filed an amicus brief on behalf of the Sobieniaks, has taken the official position that borrowers need only notify their lenders of the rescission right within three years of obtaining a loan.
46] A developer should note, however, that a no-action letter does not retroactively apply to past sales, and all purchasers will continue to have all remedies available under ILSA, including the two-year rescission right, even if a no-action letter is issued.
The law uses several techniques to restrict rescission rights.
It also permitted class action lawsuits and included special rescission rights of up to five years after consummation.
Opposes legislation requiring multiple disclosures by sellers of real property, creating contract rescission rights for buyers, and seller liability for damages.
If it is determined that persons who purchased the Company's ATM Shares after March 22, 2011, purchased such securities in an offering deemed to be unregistered, then such persons may be entitled to rescission rights, pursuant to which they could be entitled to recover the amount paid for such ATM Shares, plus interest (usually at a statutory rate prescribed by state law).