United States Fourth Circuit

In a suit under the Interstate Land Sales Full Disclosure Act (ILSFDA) that included a claim for rescission of a contract for the purchase of land sold in violation of certain ILSFDA provisions, the district court's award of summary judgment to the plaintiffs on their rescission claim is affirmed and its failure to award prejudgment interest is reversed, where: 1) the three-year statute of limitations of 15 USC section 1711(a)(1) applied, so the suit was not untimely; 2) the development was not exempt from ILSFDA's requirements; 3) the ILSFDA violations were material; and 4) the proper equitable remedy was to return the property title to the seller and return the purchase price plus interest, including prejudgment interest on loaned funds, to the plaintiffs.

Appellate Information

• Decided 05/01/2012
• Published 05/01/2012

Judges

• Gregory

Court

• United States Fourth Circuit

Counsel

• For Appellant:
  
• Thomas Robert Folk, John Chapman Petersen