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Consumer Law Keyed to Whaley, 9th Ed.
Gerasta v. Hibernia National Bank
Citation:
575 F.2d 580 (1978)Facts
Joseph E. Gerasta and Josefina E. Gerasta obtained a home improvement loan from Hibernia National Bank, which was secured by a second mortgage on their residential property. Approximately six months after receiving the loan proceeds, the Gerastas discovered that the Bank had failed to make all material disclosures required under the Truth in Lending Act. They exercised their statutory right to rescind the transaction pursuant to 15 U.S.C. § 1635(a) by notifying the Bank of their intention to rescind. The Bank was required by statute to return all money received from the Gerastas and terminate the security interest within ten days of receiving the rescission notice. However, the Bank took no action after receiving the notice, allegedly because it believed the rescission was equivocal and was uncertain whether the transaction fell within the Act’s coverage. The Gerastas refused to tender the loan proceeds until the Bank performed its statutory duties and subsequently filed suit.
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