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KENNEALLY v. FIRST NATIONAL BANK OF ANOKA

No. 19108.

400 F.2d 838 (1968)

Edward R. KENNEALLY, Trustee of Reed Plumbing, Heating and Air-Conditioning, Inc., Appellant, v. FIRST NATIONAL BANK OF ANOKA, Appellee.

United States Court of Appeals Eighth Circuit.

As Amended on Denial of Rehearing October 31, 1968.

Certiorari Denied January 27, 1969.

Attorney(s) appearing for the Case

James E. Culhane, of Culhane & Culhane, Minneapolis, Minn., for appellant; Michael L. Culhane, on the briefs.

Thomas G. Lovett, Jr., Minneapolis, Minn., for appellee.

Before MATTHES and HEANEY, Circuit Judges, and REGISTER, Chief District Judge.

Certiorari Denied January 27, 1969. See 89 S.Ct. 716.

HEANEY, Circuit Judge.

The trustee in bankruptcy appeals from an order of the District Court confirming the referee's decision. The referee found that the trustee was estopped to deny that the bank was a secured creditor by virtue of an assignment of accounts receivable and a factor's lien. We hold that the security instruments were not valid, did not bind the corporation or estop the trustee and that payments...

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