Hovis v. Lowe (In Re Lowe)

AMENDED

ORDER 1

J. BRATTON DAVIS, Bankruptcy Judge.

At issue is whether the debtor may exempt, under South Carolina law, the cash surrender value of his Individual Retirement Account (I.R.A.).

FACTS

Fred D. Lowe (Lowe) filed a voluntary petition for relief given by Chapter 7 of the 1978 Bankruptcy Code, (11 U.S.C. § 701 et seq.) 2 . W. Ryan Hovis (the trustee) is the trustee of the debtor’s estate.

In December 1976, Lowe, pursuant to 26 U.S.C. § 408, established an I.R.A. with Capital Bank and Trust Company of Honea Path, South Carolina (the bank). He now claims the cash surrender value of the

1.R.A.…