Tennessee Code 47-25-905 – Rescission of sale for unlawful trade practice
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Tennessee Code 47-25-905
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Person: means any individual, firm, partnership, corporation, or other organization. See Tennessee Code 47-25-902
- Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
Any person to whom is sold household furniture, appliances, or floor covering merchandise, in the course of an unlawful trade practice, as hereinabove defined, may, at the person’s option, or on discovery of such unlawful trade practice, and on due notice to the seller, rescind such sale; sue, and recover back from such seller the price, or any portion thereof, previously paid by such person to such seller; provided, that the right of rescission created herein must have been exercised, if at all, within a period of twelve (12) months subsequent to the complained of sale.