In light of this potential shift in the government's position and certain concerns about whether recent letter rulings may have been liberal in their interpretation of the rescission doctrine, tax advisers might encourage clients with facts implicating issues of concern or potentially inconsistent with the contractual right of rescission
to seek rescission rulings sooner rather than later.
salient if a right of rescission
is allowed at common law where the
For example, where financial statements are submitted as part of the application, and the individuals signing the application believe the financial statements to be accurate at the time they are submitted, a right of rescission
may still exist if it is later determined that the financial statements were inaccurate in some respect.
Failure to register entitles the purchaser to a 30-day right of rescission
if the purchaser still has the security or an action for damages if the security has been sold.
These statements are only predictions based on management's expectations as of the date of this press release, and involve known and unknown risks, uncertainties and other factors, including: the Company's ability to remain timely in all future filings with the Commission; whether a purchaser of ATM Shares believes a right of rescission
is available and, if so, whether such purchaser acts on such belief; whether the Commission or other state regulatory authorities pursue enforcement actions or penalties and fines against the Company; the Company's ability to obtain additional funding; and such other risks and factors that are discussed in the Company's filings with the Securities and Exchange Commission from time to time, including under "Item 1A.
In addition to offering a low price, Liberty Power will provide customers with a 10-day customers' satisfaction guarantee, providing customers with a 10 calendar-day right of rescission
that allows them to cancel without penalty.
The draft language stated that construction on the Rushmore would be completed in two years, a clause that would remove the right of rescission
under federal ILSA regulations, Held claimed.
When combined with TILA's three-day right of rescission
after the closing, the disclosures ensure that a consumer has a minimum of six days to consider the relevant information before finally deciding to enter into a transaction.