Glenn A. Souife v. First National Bank of Commerce

THORNBERRY, Circuit Judge:

In this appeal from summary judgment for the appellee in a suit brought under the Truth-In-Lending Act, 15 U.S.C. § 1639(a) (1976), we must consider three issues. First, does the appellee’s right to insurance proceeds and returned premiums with regard to credit life and property insurance on the collateral constitute a “security interest” which must be disclosed on the disclosure statement pursuant to section 1639(a) and Regulation Z, 12 C.F.R. § 226.-8(b)(5) (1980)? Second, if the right to these proceeds and premiums constitutes such a “security interest,” did the…