disclosure

Act of disclosing. Revelation; the impartation of that which is secret or not fully understood. In patent law, the specification; the statement of the subject-matter of the invention, or the manner in which it operates. In securities law, the revealing of certain financial and other information believed relevant to investors considering buying securities in some venture; the requirement that sufficient information be provided prospective investors so that they can make an intelligent evaluation of a security.

See prospectus.

Under Truth in Lending Act "disclosure" is a term of art which refers to the manner in which certain information (e.g., total cost of loan), deemed basic to an intelligent assessment of a credit transaction, shall be conveyed to the consumer. 15 U.S.C.A. No. 1601 et seq. Doggett v. Ritter Finance Co. of Louisa, D.C.Va., 384 F.Supp. 150, 153.

See disclosure statement.

See buried facts doctrine

- compulsory disclosure

- discovery

- Freedom of Information Act

- full disclosure

- subpoena

@ disclosure by parties

Term sometimes used in law of /deceit or fraud as to the obligation of parties to reveal fact which is material if its revelation is necessary because of the position of the parties to each other.

See also material fact

@ disclosure statement

The Federal Truth in Lending Act requires that the finance charge, annual percentage rate, number and amount of periodic payments, and other credit terms, be fully disclosed in consumer loan agreements. This is commonly done by means of a disclosure statement which accompanies or is made a part of the agreement.

See also Truth-in-Lending Act

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