Shanks v. Greenbriar Dodge, Inc.

GOLDBERG, Circuit Judge:

This case, like Shanks v. Greenbriar Dodge, Inc., 577 F.2d 296, (5th Cir. 1978), also decided today, requires us to determine whether an assignment of returned or unearned premiums of physical damage insurance must be disclosed as a security interest under the Truth-In-Lending Act (“the Act”), 15 U.S.C.A. § 1638(a)(10) (1974),1 and Regulation Z, 12 C.F.R. § 226.8(b)(5).2 We hold that such assignments do constitute security interests for purposes of Regulation Z and must be disclosed. We further hold that the disclosure here was inadequate to meet the requirements of…