In the Matter of Billy James Lee and Dorothy Kirk Lee, Bankrupt. North Texas Production Credit Association v. Billy James Lee and Dorothy Kirk Lee

This appeal concerns the entitlement of bankrupts to a rural homestead exemption for two parcels of property in the vicinity of Oak Grove, Texas. Fortuitously, there is Fifth Circuit precedent for the fact that Oak Grove was a village — in 1934. Buttram v. Harris, 73 F.2d 679 (5th Cir. 1934). In the case at bar, the district court, reversing the decision of the bankruptcy judge, 1 held that “the facts and circumstances which gave life to the village in [1934] do not presently exist and are not binding upon the Court in deciding this case.” Recognizing the effects of changing times, we agree…