Regency Savings Bank v. Chavis

This appeal arose from an action brought by plaintiff, Regency Savings Bank, to foreclose its mortgage on the residence of defendants, Sigmund J. Chavis and Harriet Chavis. The trial court found that defendants were entitled to rescind the note and mortgage because they were not provided with proper documentation regarding their rescission rights pursuant to section 1635 of the Truth in Lending Act (Act) (15 U.S.C. § 1635 (1982)). The trial court conditioned defendants’ grant to rescind on their tender of $349,572 to plaintiff, which represented, inter alia, the principal loan amount.…