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Tag Archives: Rescission

Real Property – ILSFDA – Rescission – First Impression — Prejudgment Interest – Developer’s Exemption Inapplicable (access required)

Nahigian v. Juno-Loudoun LLC A Northern Virginia couple can get back their $1.674 million purchase price for a lot in a residential community affiliated with the Ritz-Carlton Hotel company; the 4th Circuit says the buyers can rescind the deal under the Interstate Land Sales Full Disclosure Act and get more prejudgment interest because the developer is not protected by an ILSFDA exemption for developments with less than 100 lots.

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Insurance – Fire – Rescission — Nightclub Vacancy – Occasional Use – Insurance Application Answers – Bad Faith Counterclaim – Civil Practice – Discovery – 2C Witness (access required)

Certain Interested Underwriters at Lloyd’s London v. Cooper The defendant-insured says he told his insurance agent that he used the otherwise vacant nightclub building for occasional events; however, the agent says the insured told him the building was vacant, so that is what he noted on the insurance application. There is a jury question as to whether the insured provided false information on the insurance application.

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Contract – Rescission – Unjust Enrichment — Real Property – Sale – Earnest Money & Extension Fees — Attorney’s Fees (access required)

JASDIP Properties SC, LLC v. Estate of Richardson Where a jury determined that neither party breached a contract which called for plaintiff to buy a commercial property from defendant, the trial court should have required the defendant-seller to return $215,000 in earnest money and fees to the plaintiff-buyer. We reverse and remand the trial court’s denial of the buyer’s unjust enrichment and attorney’s fees claims.

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