Shults v. Rose's Stores, Inc. (In Re Holt)

MEMORANDUM

CLIVE W. BARE, Bankruptcy Judge. At issue is whether the debtor’s interest in funds in a profit sharing plan of his former employer is property of his chapter 7 bankruptcy estate. 11 U.S.C.A. § 541 (1979). Defendants, the debtor and his former employer, contend that the funds sought by the plaintiff trustee are funds within a spendthrift trust, hence, not property of the debtor’s estate. 11 U.S.C.A. § 541(c)(2) (1979). Alternatively, the defendants assert that the debtor is entitled to an exemption in the disputed funds pursuant to Tenn.Code Ann. §§ 26-2-102 and -111(1)(D) (1980).…