A latch assembly for releasably securing a first member in a closed position relative to a second member, the second member having a keeper in a fixed positional relationship therewith, the latch assembly comprising: a housing adapted for mounting to the first member and having a cavity in a lower portion of the housing; a pawl supported by said cavity, said pawl being capable of pivotal and rectilinear motion relative to said cavity, said pawl being rotationally movable between a first angular position and a second angular position, and said pawl being rectilinearly movable between extended and retracted positions; a knob supported by said housing and attached to one end of a shaft for rectilinear movement between retracted and extended positions; means for selectively retaining said knob in said retracted position of said knob; a guide supported for rectilinear movement by said cavity between extended and retracted positions corresponding to said extended and retracted positions of said pawl, respectively, and means to block the rotational movement of said pawl when said knob is in said retracted position of said knob, wherein said means to block the rotational movement of said pawl comprises: a pair of resilient legs, each of said resilient legs having a free end, and a pair of blocks having beveled surfaces, each of said pair of blocks being provided at said free end of a respective one of said pair of resilient legs; and a pair of extension arms attached to said pawl and extending on either side of said guide, wherein when said knob is moved to said retracted position thereof, said shaft engages said beveled surfaces and moves said blocks apart to thereby position said blocks over said extension arms and thus block rotation of said pawl from said first angular position to said second angular position when said pawl is in said extended position thereof. a housing adapted for mounting to the first member and having a cavity in a lower portion of the housing; a pawl supported by said cavity, said pawl being capable of pivotal and rectilinear motion relative to said cavity, said pawl being rotationally movable between a first angular position and a second angular position, and said pawl being rectilinearly movable between extended and retracted positions; a knob supported by said housing and attached to one end of a shaft for rectilinear movement between retracted and extended positions; means for selectively retaining said knob in said retracted position of said knob; a guide supported for rectilinear movement by said cavity between extended and retracted positions corresponding to said extended and retracted positions of said pawl, respectively, and means to block the rotational movement of said pawl when said knob is in said retracted position of said knob, a pair of blocks having beveled surfaces, each of said pair of blocks being provided at said free end of a respective one of said pair of resilient legs; and a pair of extension arms attached to said pawl and extending on either side of said guide, wherein when said knob is moved to said retracted position thereof, said shaft engages said beveled surfaces and moves said blocks apart to thereby position said blocks over said extension arms and thus block rotation of said pawl from said first angular position to said second angular position when said pawl is in said extended position thereof.