Legal Definition and Related Resources of Rescission

The act of abrogating, cancelling, vacating or annulling; the undoing of a thing. Carlson v Sheppard Pontiac Inc., 314 N. Y. S.2d 77, 63 Misc.2d 994; it involves the restoration of parties to their relative positions as though the contract had never been made. See rescind . In relation to corporations, the term refers to the legal right claimed by stockholder to tender his shares to the corporation in return for his original purchase price , plus interest and attorney fees, regardless of the present net asset value of such shares. See Kreis v Mates Inv. Fund, Inc., (D.C.Mo.) 335 F.Supp. 1299.

Rescission is an insurance industry practice in which an insurer takes action retroactively to cancel a policy holder’s coverage by citing omissions or errors in the customer’s application, even if the policy holder has been diligently keeping their policy current. As of September 2010, rescission is no longer allowed except where fraud is proven. Related term: pre-existing condition

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Rescission in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Rescission in Historical Law in the Encyclopedia of Law.

Search for legal acronyms and/or abbreviations containing Rescission in the Legal Abbreviations and Acronyms Dictionary.

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Determination, Representation.

Rescission in the context of Real Property

See: Rescission of a Contract in this legal Dictionary.

Rescission in the context of Real Property

See: Rescission of a Contract in this legal Dictionary.