Bestrom v. Bankers Trust Co. (In Re Bestrom)

GOLDBERG, Judge.

Appellant John C. Bestrom (“Bestrom”) seeks to rescind his mortgage agreement under the Truth In Lending Act, 15 U.S.C. §§ 1601 et seq. (1994) (“TILA”), without repaying the mortgage lender. Bestrom contends that he should not be required to repay the loan principal as a condition of exercising the recission rights under TILA because the lender failed to provide him with notice of his right to rescind the mortgage within 3 days of the consummation of the transaction, as required under TILA, 15 U.S.C. § 1635(a), 12 C.F.R. § 226.15(b).

In an adversary proceeding filed by Bestrom…