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Giving one of the three jaws in the chuck a whack with a nailset or drift pin may free the bit.

If not, a copper tube slightly larger than the bit dia. and slid over the bit and whacked, will give all three jaws a nudge.

Oil in the chuck may prevent normal operation. WD40 is not a lubricant but it may also work, depending on the root cause of the binding.

See troubleshooting at the end of
http://buckchuckusa.com/userfiles/file/ATSC Manual.pdf

I couldn't find a patent claiming to cure this so it may fall under normal maintenance (like checking GM brake lines for rust). :laughing:
The next most credible are pdf files, IMO.

http://www.techniksusa.com/metal/holder_maintenance.htm
Mech or metallurgical engs are welcome to chime in at any time, BTW. I know you are out there! :laughing:
 

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Tap the bit metal to metal with a small hammer or wrench. In a circular fashion around the end of the bit. A little oil may help.

Another option is to block between the locking nut and bottom of bit with hardwood, then loosen the nut.

It's a tapered fitting. Even the best machined tapers can hold tight. When the machining is rough, they hold even harder.

Reefing the chit out the locking nut is the most common cause of it not loosening up. Weather conditions and just the oil on your hands can cause a little rust, making it even harder to loosen.

Taking a little 600-1000 grit to the taper in the arbor and outside of collet might help. Remove the burrs from the machining, that lock this tight. Keeping all "LIGHTLY" oiled doesn't hurt either.
 

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...OR

:whistling
Biggest pipe wrench you got, on the bit and 6' of pipe over the wrench for leverage.

:laughing: Maybe a rag over the bit, to protect it
 
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