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NIETERT v. CITIZENS BANK & TRUST CO.

No. 77-396.

565 S.W.2d 4 (1978)

Jerald V. NIETERT, Doris A. Nietert, husband and wife, C. L. Goodwin and Alice Goodwin, husband and wife, Appellants, v. CITIZENS BANK & TRUST COMPANY OF VAN BUREN, Arkansas, Appellee.

Supreme Court of Arkansas, Division 1.

Rehearing Denied May 22, 1978.

Attorney(s) appearing for the Case

Hixson & Cleveland by Herschel W. Cleveland, Paris, for appellants.

Carl Creekmore and Lonnie Batchelor, Van Buren, for appellee.

HOWARD, Justice.

The fundamental issue for resolution in this case is whether rescission of a real estate mortgage, because of the failure of the lender to disclose to debtors their right to rescind the transaction until midnight of the third business day following the closing of the transaction, as required under the Federal Truth-in-Lending Act, should be conditioned on repayment or offer of repayment of the funds advanced to the debtors.

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