Cancellation of a contract without penalty. Regulation Z provides circumstances under which a borrower may cancel loan transactions involving nonpurchase money liens on the borrower's principal place of residence. The regulation permits such rescissions during a three day period after the loan closing. Specific requirements apply to bank disclosures of the borrower's right to rescind. American Banker Glossary

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rescission re‧scis‧sion [rɪˈsɪʒn] noun [countable, uncountable] LAW
the official stopping of a law, agreement, or decision:

• their right to rescission of the contract

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rescission UK US /rɪˈsɪʃən/ US  /rɪˈsɪʒən/ noun [C or U] FORMAL LAW
the act of officially ending a law, taking back a decision, or saying that an agreement no longer exists: »

All investors have rescission rights.


They are seeking a rescission of the merger and unspecified damages.

Financial and business terms. 2012.

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Look at other dictionaries:

  • rescission — re·scis·sion /ri si zhən/ n: the act, process, or fact of rescinding esp. a contract; specif: the equitable judicial remedy of rescinding a contract in a suit brought by one of the parties compare reformation re·scis·so·ry /ri si zə rē, si sə /… …   Law dictionary

  • Rescission — Re*scis sion (r? s?zh ?n), n. [L. rescissio: cf. F. rescission. See {Rescind}.] The act of rescinding, abrogating, annulling, or vacating; as, the rescission of a law, decree, or judgment. [1913 Webster] …   The Collaborative International Dictionary of English

  • Rescission — (v. lat.), die Aufhebung, Umstoßung. Rescissĭo actōrum princĭpis, die Vernichtung der Anordnungen, ertheilten Privilegien etc. eines Kaisers nach dessen Tod od. Absetzung, befohlen vom Senat od. dem nachfolgenden Kaiser …   Pierer's Universal-Lexikon

  • Rescission — Rescission, lat. deutsch, Aufhebung, Annullirung …   Herders Conversations-Lexikon

  • rescission — (n.) 1650s, from L.L. rescissionem, noun of action from rescindere (see RESCIND (Cf. rescind)) …   Etymology dictionary

  • rescission — [ri sizh′ən] n. [LL rescissio] the act of rescinding rescissory [ri sis′ə rē, risiz′ə rē] adj …   English World dictionary

  • Rescission — Overturning redirects here. For other uses, see Turning over (disambiguation). Contract law …   Wikipedia

  • rescission — The right of a party to a contract to have it set aside and to be restored to the position he was in before the contract was made. This is an equitable remedy, available at the discretion of the court. The usual grounds for rescission are mistake …   Big dictionary of business and management

  • rescission — /rəˈsɪʒən/ (say ruh sizhuhn) noun the act of or procedure for rescinding: the rescission of a motion in parliament. {Late Latin rescissiōn , stem of rescissiō} …  

  • rescission — noun Etymology: Late Latin rescission , rescissio, from Latin rescindere Date: 1651 an act of rescinding …   New Collegiate Dictionary

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