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MATTER OF PETTIT

Bankruptcy No. 84-93-C.

55 B.R. 394 (1985)

In the Matter of Sammy PETTIT, Dorothy Pettit, Debtors.

United States Bankruptcy Court, S.D. Iowa.

April 26, 1985.

Attorney(s) appearing for the Case

James L. Spellman, Des Moines, Iowa, for debtors.

John E. Casper, Winterset, Iowa, for Union State Bank.

Thomas L. Flynn, Des Moines, Iowa, Trustee.

MEMORANDUM OF DECISION AND ORDER

RICHARD STAGEMAN, Bankruptcy Judge.

The question before the court is whether a profit sharing plan is exempt property. The Debtors contend that their interest in a profit sharing plan established for the employees of the Union State Bank of Winterset ("Bank") is exempt property under Section 627.6 of the Iowa Code. The Bank and the trustee have filed objections to this claim of exemption. A hearing on these objections was...

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