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rescission. n. the cancellation of a contract by mutual agreement of the parties. (See: rescind). See: abandonment, abolition, ademption, annulment, avoidance, cancellation, countermand, defeasance, discharge, dissolution, negation, repudiation, reversal, termination.
At midnight on the third business day the rescission period is over, and the signed loan documents become official. Example of a right of rescission period: If loan documents are signed on Monday, the rescission period begins Tuesday, and ends Thursday night at midnight. On Friday the loan could then fund and record.