gerasta v. hibernia national bank - la rescission case - improper response to rescission notice

8/7/2019 Gerasta v. Hibernia National Bank - LA Rescission Case - Improper response to rescission notice

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575 F.2d 580(Cite as: 575 F.2d 580)

United States Court of Appeals,Fifth Circuit.

Joseph E. GERASTA, Josefina E. Gerasta, wife ofJoseph E. Gerasta, Plaintiffs-Appellees,

v.HIBERNIA NATIONAL BANK, Defendant-

Appellant,v.

U. S. BUILDING MATERIALS CO., INC.,Defendant.

No. 76-1650.

June 23, 1978.

Borrowers sued creditor to recover damages forviolations of Truth in Lending Act. From a judgmentfor the borrower by the United States District Courtfor the Eastern District of Louisiana, at New Orleans,Edward J. Boyle, Sr., J., 411 F.Supp. 176, thecreditor appealed. The Court of Appeals, James C.Hill, Circuit Judge, held that: (1) borrowers wereentitled to rescind for failure of creditor to makematerial disclosures, but (2) upon bank returning toborrowers any money it had received from them inconnection with transaction and taking action

necessary reflect termination of any security interestin borrowers' property created by transaction,borrowers were required to tender loan proceeds tobank.

Affirmed in part, reversed and remanded in part.

Alvin B. Rubin, Circuit Judge, filed a concurringopinion.

West Headnotes

[1] Consumer Credit 92B 36

92B Consumer Credit 92BIIFederal Regulation 92BII(A)In General 92Bk36 k. Rescission Rights; Liens onResidences. Most Cited Cases

(Formerly 293k6.9 Pawnbrokers and Money

Lenders)Where bank made a home improvement loan tohomeowners secured by a second mortgage onproperty and had not made all the statutorilyprescribed material disclosures, homeowners wereentitled to rescind loan under the rescission provisionof Truth in Lending Act. Truth in Lending Act, 102 et seq., 125, 125(a, b) as amended 15 U.S.C.A. 1601 et seq.,1635, 1635(a, b).


92B Consumer Credit 92BIIFederal Regulation 92BII(C) Effect of Violation of Regulations 92Bk64 Actions for Violations 92Bk67 k. Judgment and Relief;Attorney Fees.Most Cited Cases

(Formerly 293k6.9 Pawnbrokers and MoneyLenders)Truth in Lending Act provides detailed remedialmachinery to redress violations of Act, and courtshould apply those remedies provided in Act. Truthin Lending Act, 102 et seq. as amended 15U.S.C.A. 1601 et seq.


92B Consumer Credit 92BIIFederal Regulation 92BII(A)In General 92Bk36 k. Rescission Rights; Liens onResidences. Most Cited Cases

(Formerly 293k6.9 Pawnbrokers and MoneyLenders)That section of Truth in Lending Act providing forright of rescission and that section providing fordamages as a remedy for creditor's failure to comply

with any requirement imposed by certain provisionsof Act are not mutually exclusive remedies;consumer may be entitled to both rescission anddamages. Truth in Lending Act, 125, 130 asamended15 U.S.C.A. 1635, 1640.


2010 Thomson Reuters. No Claim to Orig. US Gov. Works.
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575 F.2d 580(Cite as: 575 F.2d 580)

92B Consumer Credit 92BI In General

92Bk2 k. Constitutional and StatutoryProvisions; Ordinances. Most Cited Cases

(Formerly 293k2 Pawnbrokers and MoneyLenders)Although amended version of that provision of Truthin Lending Act relating to damages for violation ofcertain sections of Act, including section relating torescission, did not become effective until after thepresent case cause of action arose, the amendedversion of statute was applicable to the case onappeal. Truth in Lending Act, 125, 130 asamended15 U.S.C.A. 1635, 1640.


92B Consumer Credit 92BI In General 92Bk19 k. Penalties for Violation ofRegulations. Most Cited Cases

(Formerly 293k10 Pawnbrokers and MoneyLenders)

Consumer Credit 92B 36

92B Consumer Credit

92BIIFederal Regulation 92BII(A)In General 92Bk36 k. Rescission Rights; Liens onResidences. Most Cited Cases

(Formerly 293k6.9 Pawnbrokers and MoneyLenders)After borrowers gave notice of rescission for failureof creditor to make material disclosures required byTruth in Lending Act and creditor failed to tender,within ten days after receipt of notice of rescissionmoney given by lender, borrowers were not entitledto forfeiture of loan proceeds but rather were entitledto award of actual damages, reasonable attorney's fee,twice the amount of any finance charge to $1,000 andany additional damages and costs incurred as resultof litigation. Truth in Lending Act, 125, 130(a) asamended15 U.S.C.A. 1635, 1640(a).


92B Consumer Credit

92BIIFederal Regulation 92BII(A)In General

92Bk36 k. Rescission Rights; Liens onResidences. Most Cited Cases

(Formerly 293k6.9 Pawnbrokers and MoneyLenders)Where borrowers were entitled to rescind homeimprovement loan transactions secured by secondmortgage with bank because of failure to makestatutorily required material disclosures andborrower's notice of rescission was valid, creditor,was required to return any money or propertyreceived from borrowers in connection withtransaction and terminate any security interest createdin borrowers' property; on creditor's performance of

its duties borrowers must tender loan proceeds withina reasonable time, and unless creditor failed to takepossession within ten days of tender, its interestwould not be forfeited. Truth in Lending Act, 125,130(a) as amended 15 U.S.C.A. 1635,1640(a).

[7] Federal Courts 170B 953

170B Federal Courts 170BVIII Courts of Appeals 170BVIII(L) Determination and Dispositionof Cause 170Bk951 Powers, Duties and Proceedings

of Lower Court After Remand 170Bk953 k. Allowance of Interest,Attorney Fees and Costs. Most Cited CasesWhere rescission action by borrowers was reversed inpart and remanded to district court for award ofproper damages, on remand district court shouldaward borrowers the amount of damages to whichthey were entitled pursuant to statute including areasonable attorney fee for services rendered onappeal, since suit was a successful action. Truth inLending Act, 130, 130(a), (a)(3) as amended 15U.S.C.A. 1640, 1640(a), (a)(3); LSA-R.S. 9:4801.


92B Consumer Credit 92BI In General 92Bk17 k. Effect of Violation of Regulationsor Lack of License.Most Cited Cases

(Formerly 293k6.9, 293k9 Pawnbrokers and

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575 F.2d 580(Cite as: 575 F.2d 580)

Money Lenders)Creditor's liability under Truth in Lending Act is not

directly affected by the number of violations itcommitted. Truth in Lending Act, 102 et seq. asamended15 U.S.C.A. 1601 et seq.

[9] Federal Courts 170B 611

170B Federal Courts 170BVIII Courts of Appeals 170BVIII(D) Presentation and Reservation inLower Court of Grounds of Review 170BVIII(D)1 Issues and Questions inLower Court 170Bk611k. Necessity of Presentationin General. Most Cited CasesAllegations made by appellant for the first time onappeal would not be considered by the Court ofAppeals.*582 Harry T. Howard, III, New Orleans, La., fordefendant-appellant.

R. Collins Vallee, New Orleans, La., for plaintiffs-appellees.

Appeal from the United States District Court for theEastern District of Louisiana.

Before COLEMAN, HILL and RUBIN, CircuitJudges.

JAMES C. HILL, Circuit Judge:

The case on appeal raises the question of theappropriate remedy for a creditor's failure to complywith 15 U.S.C. s 1635,[FN1]the rescission provisionof the Truth in Lending Act. The district court heldthat the defendant-creditor in the case on appealforfeited its right to recover the property it haddelivered to the obligor because the creditor did not

perform those duties prescribed in s 1635(b). Wereverse this holding.

FN1. Section 1635 provides in relevant part:

(a) Except as otherwise provided in thissection, in the case of any consumer credittransaction in which a security interest,

including any such interest arising byoperation of law, is or will be retained or

acquired in any real property which is usedor is expected to be used as the residence ofthe person to whom credit is extended, theobligor shall have the right to rescind thetransaction until midnight of the thirdbusiness day following the consummation ofthe transaction or the delivery of thedisclosures required under this section andall other material disclosures required underthis part, whichever is later, by notifying thecreditor, in accordance with regulations ofthe Board, of his intention to do so. Thecreditor shall clearly and conspicuously

disclose, in accordance with regulations ofthe Board, to any obligor in a transactionsubject to this section the rights of theobligor under this section. The creditor shallalso provide, in accordance with regulationsof the Board, an adequate opportunity to theobligor to exercise his right to rescind anytransaction subject to this section.

(b) When an obligor exercises his right torescind under subsection (a) of this section,he is not liable for any finance or othercharge, and any security interest given by

the obligor, including any such interestarising by operation of law, becomes voidupon such a rescission. Within ten days afterreceipt of a notice of rescission, the creditorshall return to the obligor any money orproperty given as earnest money,downpayment, or otherwise, and shall takeany action necessary or appropriate to reflectthe termination of any security interestcreated under the transaction. If the creditorhas delivered any property to the obligor, theobligor may retain possession of it. Upon theperformance of the creditor's obligations

under this section, the obligor shall tenderthe property to the creditor, except that ifreturn of the property in kind would beimpracticable or inequitable, the obligorshall tender its reasonable value. Tendershall be made at the location of the propertyor at the residence of the obligor, at theoption of the obligor. If the creditor does not

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575 F.2d 580(Cite as: 575 F.2d 580)

take possession of the property within tendays after tender by the obligor, ownership

of the property vests in the obligor withoutobligation on his part to pay for it.

The plaintiffs-appellees, Joseph E. Gerasta andJosefina E. Gerasta, received a home improvementloan from the defendant-appellant, Hibernia NationalBank. The loan was secured by a second mortgage onthe Gerastas' property. Approximately six monthsafter receiving the loan, the Gerastas discovered thatthe Bank had not made all the material disclosuresrequired by the Act, and they exercised their statutoryright to rescind the transaction pursuant tos 1635(a).Within ten days after receipt of the notice of

rescission, the Bank was statutorily required to returnto the Gerastas all money received from them and totake all *583 necessary actions to reflect thetermination of the security interest created by thesecond mortgage in the Gerastas' property. 15 U.S.C.s 1635(b). If the Bank had performed these dutieswithin ten days, the Gerastas then would have beenrequired to tender the loan proceeds to the Bank. TheBank, however, took no action after receipt of theGerastas' rescission notice. Therefore, the Gerastasdid not tender the loan proceeds to the Bank, and theyfiled this suit.

[1] The district court held that the loan to theGerastas fell within the ambit of the Truth in LendingAct and that the Bank had not made all the statutorilyprescribed material disclosures, thereby entitling theGerastas to rescind the loan transaction pursuant to s1635. After a careful review of the record, we affirmthese holdings. See Powers v. Sims and Levin, 542F.2d 1216, 1219 (4th Cir. 1976); Simmons v.American Budget Plan, Inc., 386 F.Supp. 194, 200(E.D.La.1974). We must reverse and remand,however, on the issue of damages. In accordancewith s 1635, the district court entered a judgmentrecognizing the Gerastas' rescission of the loan

agreement and recognizing their right to a completerefund of the money they had already paid to theBank, plus interest. The district court also enteredjudgment for the Gerastas for costs and a reasonableattorney's fee and for the cancellation of anyinscription in the public records of the secondmortgage on the Gerastas' property. The district courtalso held, however, that the Gerastas are entitled to

retain the loan proceeds without any obligation to theBank, because the Bank did not perform those duties

imposed by s 1635.

[2] This court has recognized that the Truth inLending Act provides detailed remedial machineryto redress violations of the Act. Sosa v. Fite, 498F.2d 114, 117 (5th Cir. 1974). Therefore, courtsshould apply those remedies provided in the Act.Burgess v. Charlottesville Savings and LoanAssociation, 477 F.2d 40, 45 (4th Cir. 1973);Jordanv. Montgomery Ward & Co., 442 F.2d 78, 81-82 (8thCir.), cert. denied, 404 U.S. 870, 92 S.Ct. 78, 30L.Ed.2d 114 (1971).Section 1635does not expresslyprovide a remedy for the situation in which the

creditor fails to take any action upon receipt of arescission notice and the consumer does not tenderthe creditor's property. Section 1640(a), [FN2]however, provides the remedy for a creditor's failureto comply with any requirement imposed by certainprovisions of the Act, includings 1635.

FN2. Section 1640(a) provides in relevantpart:

Except as otherwise provided in this section,any creditor who fails to comply with anyrequirement imposed under this part . . . ofthis subchapter with respect to any person isliable to such person in an amount equal tothe sum of

(1) any actual damage sustained by suchperson as a result of the failure;

(2)(A)(i) in the case of an individual actiontwice the amount of any finance charge inconnection with the transaction, . . . exceptthat the liability under this subparagraphshall not be less than $100 nor greater than$1,000; . . . and

(3) in the case of any successful action toenforce the foregoing liability, the costs ofthe action, together with a reasonableattorney's fee as determined by the court.

[3] [4] Section 1635 and s 1640 are not mutually

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575 F.2d 580(Cite as: 575 F.2d 580)

exclusive remedies; a consumer may be entitled toboth rescission pursuant to s 1635 and damages

pursuant to s 1640. See Mourning v. FamilyPublications Service, Inc., 411 U.S. 356, 376, 93S.Ct. 1652, 36 L.Ed.2d 318 (1973); Sellers v.Wollman, 510 F.2d 119, 123 (5th Cir. 1975). ThatCongress intended the s 1640 liability provision toapply to creditors' violations of s 1635 is confirmedby the 1974 amendment of s 1640. Beforeamendment, s 1640(a) provided that it applied onlywhen a creditor failed to disclose to any person anyinformation required under this part to be disclosed tothat person . . . . As stated, s 1640 now expresslyapplies whenever a creditor fails to comply with anyrequirement imposed by certain provisions of the

Act, includings 1635. Although the amended versionof s 1640 did not become effective until after thepresent cause of action arose, the amended version ofs 1640*584 is applicable to the case on appeal.Mirabal v. General Motors Acceptance Corp., 537F.2d 871, 875-76 (7th Cir. 1976). See also Gore v.Turner, 563 F.2d 159, 163 (5th Cir. 1977).

[5] Section 1640 does not provide for forfeiture of thecreditor's property. It provides in relevant part for anaward of actual damages, a reasonable attorney's fee,and twice the amount of any finance charge in anamount up to $1,000 and not less than $100.

Application ofs 1640 thus serves the congressionalpurpose of restoring the parties to the status quo anteand is consistent with the Act's remedial character.Murphy v. Household Finance Corp., 560 F.2d 206,208-11 (6th Cir. 1977); Binnick v. Avco FinancialServices of Nebraska, Inc., 435 F.Supp. 359, 364-66(D.Neb.1977); Porter v. Household Finance Corp. ofColumbus, 385 F.Supp. 336, 340-43 (S.D. Ohio1974). If, after a hearing, the court determines thatthe consumer is entitled to rescind, the consumer willbe recompensed for any additional damages and costshe has incurred as a result of the litigation.

The statement of law contained in this opinion maybe usefully illustrated by its application to the factsinvolved in the case on appeal. The Gerastasdetermined that the defendant Bank had violated thedisclosure provisions of the Act. Therefore, theGerastas notified the Bank of their intention torescind the loan transaction pursuant to s 1635. TheBank did not perform its statutorily prescribed duties

within ten days, allegedly because the Gerastas'rescission was equivocal and because the Bank was

uncertain whether the transaction came within theambit of the disclosure and rescission provisions ofthe Truth in Lending Act. The Bank's noncomplianceexposed the Bank to the possibility of increasedliability pursuant to s 1640(a).

[6] It has now been judicially determined that theGerastas were entitled to rescind their transactionwith the Bank and that the Gerastas' notice ofrescission was valid. Therefore, the Bank now mustreturn to the Gerastas any money or property that ithas received from them in connection with thistransaction. The Bank also must take any action

necessary to reflect the termination of any securityinterest created in the Gerastas' property by thetransaction. Upon the Bank's performance of itsduties, the Gerastas must tender the loan proceeds tothe Bank. They should be given a reasonable timewithin which to do so. Unless the Bank fails to takepossession within ten days of tender, its interest willnot be forfeited.

This court's decision in Sosa v. Fite, 498 F.2d 114(5th Cir. 1974), does not require a different result. InSosa, as in the case on appeal, the creditors did notperform their statutorily prescribed duties after

receiving the consumer's notice of rescission. In Sosa,however, the consumer's notice of rescission wasaccompanied by the consumer's express offer toreturn the creditor's property. The court in Sosaemphasized that the consumer's obligation to restorethe creditor to the status quo ante was discharged bythe tender. In the case on appeal, on the other hand,the Gerastas stated in their rescission notice that theyrefused to tender the loan proceeds until the Bankperformed its statutorily prescribed duties.[FN3]

FN3.Sosa was decided pursuant to the pre-1974 version of s 1640, which limited the

applicability of s 1640 to creditors' failuresto make required disclosures. We do notconsider the question of the continuedvalidity of the Sosa decision in light of the1974 amendment.

[7] On remand, the district court should award theGerastas the amount of damages to which they are

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575 F.2d 580(Cite as: 575 F.2d 580)

entitled pursuant to s 1640(a). The award shouldinclude a reasonable attorney's fee for the services

rendered on this appeal because the suit was asuccessful action. See Powers v. Sims and Levin,542 F.2d 1216, 1222 (4th Cir. 1976); Sosa v. Fite,498 F.2d 114, 122 (5th Cir. 1974); 15 U.S.C. s1640(a)(3). In determining an appropriate fee, thedistrict court should consider the factors stated inJohnson v. Georgia Highway Express, Inc., 488 F.2d714 (5th Cir. 1974). McGowan v. King, Inc., 569F.2d 845 (5th Cir. 1978). The *585 district courtjudgment also should make clear that the Bank isentitled to a return of the loan proceeds, though thedebt is no longer secured by a second mortgage onthe Gerastas' property and though the Bank's duties

are in no way conditional upon the Gerastas' tender ofthe loan proceeds.

[8] The district court held that the Bank should havedisclosed to the Gerastas that a materialmen's liencould be created in their property pursuant to statelaw. La.Rev.Stat. s 9:4801. Since the district courtrendered its decision, however, the Federal ReserveBoard has issued an official staff interpretation thatcreditors need not disclose statutory materialmen'sliens running in favor of a noncreditor-contractor orits subcontractors. Federal Reserve Board OfficialStaff Interpretation (Sept. 30, 1976). This official

staff interpretation does not affect the result in thecase on appeal, however, because the Bank violatedother disclosure provisions of the Act, and a creditor'sliability is not directly affected by the number ofviolations it commits. Turner v. Firestone Tire andRubber Co., 537 F.2d 1296, 1297-98 (5th Cir. 1976) ;15 U.S.C. s 1640(g).

[9] On this appeal, the Bank alleges for the first timethat the Gerastas used a substantial portion of theloan proceeds to improve rental property. Becausethe Bank did not make this allegation in the districtcourt, we will not consider it. United States v.

Allegheny-Ludlum Industries, Inc., 517 F.2d 826,840 n. 13 (5th Cir. 1975); Commercial CreditBusiness Loans, Inc. v. St. Louis Terminal FieldWarehouse Co., 514 F.2d 75, 77 (5th Cir. 1975).

AFFIRMED in part, and REVERSED andREMANDED in part.ALVIN B. RUBIN, Circuit Judge, concurring:

The opinion is so thorough that I concur completely.I add simply what may be a personal gloss: the

forfeiture provision contained in Section 1635(b) isstill a part of the statute; it should be enforced aswritten in an appropriate case; but, in the absence ofthe tender by the obligor that the Section specificallyrequires, it is not applicable.

C.A.La.,1978.Gerasta v. Hibernia Nat. Bank575 F.2d 580

END OF DOCUMENT

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gerasta v. hibernia national bank - la rescission case - improper response to rescission notice

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