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Fin. Freedom Acquisition, LLC v. Standard Bank & Trust Co.

justia.com | September 24, 2015

Court: Supreme Court of Illinois Citation: 2015 IL 117950 Opinion Date: September 24, 2015
Areas of Law: Banking, Civil Procedure, Trusts & Estates, Real Estate & Property Law

On October 14, 2010, OneWest Bank sued Standard, as trustee, and unknown trust beneficiaries, to foreclose a “reverse equity” adjustable-rate mortgage on property held by the trust and executed in 2009. Standard filed an answer and counterclaim on July 19, 2011, seeking to rescind the mortgage, alleging violations of the Truth in Lending Act (TILA). 15 U.S.C. 1601. The circuit court dismissed. The appellate court affirmed, reasoning that Standard was not an “obligor” under TILA and was not entitled to rescind the transaction. The Illinois Supreme Court reversed. The trustee has legal and equitable title to the property and is the only party with an ownership interest in the property since the beneficiary’s interest is in the trust itself and is considered personal property. Standard, was entitled to receive TILA disclosures, including notice of the right to rescind after it entered into the consumer credit transaction. Because TILA disclosures were not provided to Standard, the three-day right to rescind period was extended to three years. Standard timely exercised its right to rescind when it gave notice on June 2, 2011.

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Nancy Duffy McCarron, CBN 164780
Attorney, Real Estate Broker, BBB Arbitrator, CA Notary Public
Certified Forensic Loan Auditor, Property Manager

 

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