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In re See (July 14, 2015)
The Debtor owned options that allowed him to buy three tracts of property during the six months following his mother’s death. For many years, the Debtor had leased the same tracts of land from his mother. In his bankruptcy schedules, the Debtor exempted both the option and the leases as homestead property. The Trustee objected to the Debtor’s exemption of the options because they were future interests, but did not object to the exemption of the leases. The Court found that the options were not severable from the leases and so, since the leases were exempt, the options were validly exempted.
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