SETH, Circuit Judge.
This action was commenced by appellant, the trustee in bankruptcy for Pioneer Savings Stamps, Inc., to recover as a preferential payment the sum of $20,135.00 which had been made by the bankrupt to the defendant bank on August 9, 1965.
The trial court concluded that the borrowing arrangement between the bankrupt and the bank was initially a security transaction and that the original agreement had been extended by the parties and was effective...
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