MR. JUSTICE CARDOZO delivered the opinion of the Court.
A trustee in bankruptcy asserts a claim against the receiver of a national bank for the value of property received by the bank as an unlawful preference. The receiver admits the validity of the claim if it is placed upon the same level as the claims of the creditors at large. The trustee insists that the claim must have priority on the ground that the avails of the unlawful preference are subject to a trust....
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