Whether the rescission is effectuated upon mailing of notice where no challenge was raised within 20 days of receipt of said notice?

QUESTION PRESENTED This Court often has emphasized the importance of statutory interpretation. But a significant split has developed among the Circuits as to whether and when the right to challenge the consequences of a mailing of a notice of rescission. In this case, the United States Court of Appeals for the Eleventh Circuit held that the transaction was consummated and the rescission was untimely. This case thus raises an important issue never addressed by this Court, but that arises frequently, as to whether and when a consumer become contractually obligated and at what point creditor waives the right to all defenses to a rescission effectuated upon mailing of notice. Thus, the specific questions presented are: Whether the rescission is effectuated upon mailing of notice where no challenge was raised within 20 days of receipt of said notice? Whether the creditor is barred from raising any challenge to the notice of rescission and its statutory effects after the passage of 20 days? Whether, upon filing amended schedules after conversion from Chapter 13 to a Chapter 7, and removing any reference to surrender in the chapter 7 schedules, and where no statement of intention is filed, the bankruptcy court can open the bankruptcy case to compel surrender? iii