A line tie including a top portion and a base connected to an attached member, such as a fishing float. The top portion includes a J- shaped axial slot that extends down from the top portion. Three axially spaced annular grooves are formed in the periphery of the top portion. The topmost groove is positioned above the closed end of the J-slot, the next groove is positioned to intersect the upwardly directed leg of the J- slot, and the lowermost groove is positioned below the J-slot. A rubber O- ring is selectively received in one of the annular grooves. To secure a line to the attached member the O-ring is positioned in the lowermost line- loading groove and a section of line is inserted in the J-slot and moved to the upwardly directed leg. The O-ring is then moved up to the intermediate slip groove or to the topmost set groove. To release the line from the line tie, the O-ring is moved to the lowermost groove and the section of line is moved up out of the J-slot.
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