In Re Theodore Ted McCoy and Carolyn Brown McCoy Bankrupts, Mickey D. Wilson, Trustee v. General Motors Acceptance Corporation

SEYMOUR, Circuit Judge.

The bankruptcy trustee has appealed a district court judgment declaring bankrupt McCoy’s 1977 Cadillac automobile exempt from bankruptcy administration. The dis-positive issue below and in this appeal is whether the exemption granted under Oklahoma statute extends to the bankrupt’s equity interest in the automobile, or to the vehicle itself. The bankruptcy court held that the exemption applies to the equity interest. The district court reversed, holding that the exemption extends to the vehicle itself whenever the bankrupt’s equity interest is below the maximum…