Drill bit chuck for drilling and cutting devices

Tool chuck for securing one end of an axially extending tool bit in a device for use in drilling and cutting operations, with the tool bit having at least one axially extending first slot closed at the opposite ends thereof and at least one axially extending second slot with one and thereof being open at the one end of the tool bit, wherein said tool chuck comprises an axially extending guide tube having at least one first aperture extending radially therethrough, and at least one second aperture extending radially therethrough with said first and second apertures being in spaced relation, a locking member positioned within said at least one first aperture, an entrainment strip positioned within said at least one second aperture, an axially extending adjusting sleeve closely encircling said guide tube, said adjusting sleeve having a first pocket therein arranged to receive said locking member and a second pocket arranged to receive said entrainment strip and said adjusting sleeve being displaceable relative to said guide tube for retaining said locking member and entrainment strip in a radially inner position in engagement with the first and second slots in the tool bit and for receiving said locking member and entrainment strip in a radially outer position in engagement with said first and second pockets out of engagement with the first and second slots in the tool bit so that the tool bit can be removed from said tool chuck.