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IN THE MATTER OF IREDALE'S LTD.

No. 71-1703.

476 F.2d 938 (1973)

In the Matter of IREDALE'S LTD., a copartnership composed of William E. Iredale and Genevieve M. Iredale, Bankrupt. In the Matter of William E. IREDALE, Bankrupt. In the Matter of Genevieve M. IREDALE, Bankrupt. BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, Petitioner-Appellant, v. Carl W. VROOMAN, Trustee-Appellee.

United States Court of Appeals, Ninth Circuit.

March 15, 1973.

Attorney(s) appearing for the Case

Ralph M. Abee (argued), Harris B. Taylor, Los Angeles, Cal., for petitioner-appellant.

Sandor T. Boxer (argued), of Coskey & Coskey, Los Angeles, Cal., for trustee-appellee.

Before KOELSCH, KILKENNY, and GOODWIN, Circuit Judges.

PER CURIAM:

Bank of America appeals from a judgment upholding the referee's decision in a bankruptcy contest over the proceeds of the bank's liquidation of certain stock originally owned by the bankrupt, Iredale.

Iredale, to secure a loan from the bank, pledged as collateral 547 shares of Sears, Roebuck and Company stock. The collateral pledge agreement contained a "dragnet clause," a common provision in collateral...

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