Ternary fission yields in the reaction 241 Pu(n th , f) are calculated using a new model which assumes a nucleation-time moderated chemical equilibrium in the low density matter which constitutes the neck region of the scissioning system. The temperature, density, proton fraction and fission time required to fit the experimental data are derived and discussed. A reasonably good fit to the experimental data is obtained. This model provides a natural explanation for the observed yields of heavier isotopes relative to those of the lighter isotopes, the observation of low proton yields relative to 2 H and 3 H yields and the non-observation of 3 He, all features which are shared by similar thermal neutron induced and spontaneous fissioning systems.