Jacklitch v. Redstone Federal Credit Union

The disclosure statement violates the Truth-in-Lending Act, 15 U.S.C. § 1639(aX8), as interpreted by us in Pollock v. General Finance Corp., 535 F.2d 295, 299-300 (5th Cir. 1976), petition for rehearing denied, 552 F.2d 1142, cert. denied, 434 U.S. 891, 98 S.Ct. 265, 54 L.Ed.2d 176 (1977), by failing to disclose that, under Alabama law, Code of Ala. § 7-9-204(4)(b) (1975), a security interest would attach only to those consumer goods obtained within 10 days of the date of the loan transaction.1

The lender contends that Pollock does not apply because the security interest created by its loan…