MATTER OF SMITH

Nos. 80-2033 to 80-2035.

640 F.2d 888 (1981)

In the Matter of Philip A. SMITH, Jr., Jeffery Stephen Pierce and Mary Kathryn Pierce and Jerry L. Montie Lamb and Claire Barnstead Lamb, Debtors-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided February 17, 1981.


Attorney(s) appearing for the Case

Barry Barash, Galesburg, Ill., for debtors-appellants.

James Brannon, Peoria, Ill., for appellee.

Before SWYGERT and CUMMINGS, Circuit Judges, and BROWN, Senior District Judge.


SWYGERT, Circuit Judge.

These appeals present a question of first impression among the circuits which arises under the new Bankruptcy Code: whether a debtor's cause of action for violations of the Truth in Lending Act and similar state statutes is "property" that may be claimed as exempt under the exemption provision of the Code, 11 U.S.C. §§ 522(d)(1) and (5). The district court held that the rights of action may not be claimed as exempt. We hold that they...

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