This situation was brought up at my High School association rules meeting. FED rules.
Outs and count don't really matter, but for argument's sake we'll say it's 1 out and a 1-1 count on the batter.
The pitch comes in and the batter squares to bunt. The ball hits the bat and pops up behind home plate. High enough for F2 to have a chance at it, but he doesn't realize this till it's almost too late. He spins and dives for the ball catching it in his outstretched glove. He hits the ground and the glove comes off his hand completely, but the ball remains in the glove. What is your ruling? Out or Foul Ball? and why?