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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 ?
The ruling concludes that the rescission would be respected for tax purposes.
As early as 1937, the California Supreme Court confirmed the rule of law of rescission in California as follows:
Bankruptcy Court for the District of Massachusetts upheld a state court ruling in favor of the borrowers, in which the borrowers argued that their mortgage loan should be subject to the three-year rescission period because they had not received their Notice of Right to Rescind at closing--even though they conceded that they signed an acknowledgement that they received four copies of the notice at closing.
Regardless of what remedies are put in place, a perception also certainly exists that rescission of health care coverage only adds to the woes of the health care crisis now engulfing our economy and nation today.
Taxpayers and its owners successfully avoided taxation on the reconversion under the rescission doctrine.
Other major HUD rescissions recommended by the Senate would eliminate: 1) $500 million from amounts previously provided for tenant-based section 8 assistance which are in excess of current need and 2) $835 million from public housing modernization.
The Affordable Care Act will ban rescissions, except in cases of intentional misrepresentation of fact or fraud, beginning September 23, but Secretary Sebelius continues to urge insurers not to wait until the fall to do the right thing.
The topic of the hearing will be "Tools to Combat Deficits and Waste: Enhanced Rescission Authority.
95 million to settle claims with hospitals that did not receive payments following rescissions.
Blue Cross' rescissions appear calculated to push providers to bill and collect from their patients what Blue Cross itself has an obligation to pay," explained Mr.
1) Refer to our Form 10-Q filed with the Securities and Exchange Commission on May 7, 2015 for information about our suspension of certain rescissions and the number of rescissions suspended as of March 31, 2015.
The class action and complaint to intervene follow lawsuits that were filed by Hooper, Lundy & Bookman in May of this year, on behalf of hospitals challenging these types of retroactive policy rescissions.