In Re Locke

MEMORANDUM OPINION

GEORGE L. PROCTOR, Bankruptcy Judge.. This Chapter 7 case is before the Court upon objection by the trustee to debtors’ claim of exempt property. The suggested exemption relates to the future earnings of the racehorse “Bobbin’s Key.” A hearing on the objection was held March 6, 1989, and upon the evidence presented, the Court enters the following Memorandum Opinion:

FACTS

Debtor Royce S. Locke (“Locke”) was the owner of the mare which foaled the thoroughbred racing horse known as “Bobbin’s Key.” During the two years of ownership of the foal, Locke did not receive any…