The Tenth Circuit affirmed, ruling in part that TILA's section 1635(f) extinguished Borrower's claim for rescission because she failed to file suit within three years of the loan transaction.
As you may recall, TILA provides that "[a]n obligor's right of rescission shall expire three years after the date of consummation of the transaction or upon the sale of the property, whichever occurs first, notwithstanding the fact that the information and forms required under this section or any other disclosures required under this part have not been delivered to the obligor." 15 U.S.C. § 1635(f). See also 12 C.F.R. §§ 226.1 -.59 (Regulation Z).
Given its ruling on section 1635(f), the Tenth Circuit did not address the District Court's ruling on the one-year limitations period for failure to rescind after notice.
Ralph T. Wutscher
McGinnis Tessitore Wutscher LLP
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