MANTON, Circuit Judge.
Carl Dernburg & Son, Inc., was adjudicated a bankrupt prior to May 22, 1922, and a trustee was appointed August 2, 1922. Emma Dernburg on May 22, 1922, filed a claim against the bankrupt's estate for $15,000. On March 28, 1921, she executed a guaranty of liability to the Manufacturers' Trust Company whereby she guaranteed the payment of "liability or liabilities on negotiable instruments due or not due now existing or hereinafter to be incurred...
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