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Borrower Need Not File Suit

Publisher: New Jersey Law Journal
March 14, 2013
Day Pitney Author(s) Joy Harmon Sperling

Partner Joy Harmon Sperling and associate Clara Son authored a March 14 New Jersey Law Journal article, "Borrower Need Not File Suit," outlining a Third Circuit ruling on the timeliness of a borrower's rescission action. The court found that since a notice of rescission was sent within the Truth in Lending Act's mandated three-year period the rescission could stand, even though the action itself was filed more than three years after the loan was closed. Joy and Clara write that "lenders should be mindful of the import of receiving a notice of rescission within the three-year time period after the closing on a loan. Under the court's decision, even if suit is not brought within that time frame, a later suit, grounded on a valid and timely notice, will expose the lender to the possibility of having to rescind the loan beyond that three-year mark after the closing of the loan."

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