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IN RE CONTINENTAL COMMODITIES, INC.

No. 87-3732.

841 F.2d 527 (1988)

In re CONTINENTAL COMMODITIES, INC., Tax I.D. No. 56-1207008, Debtor. Albert F. DURHAM, Trustee for Continental Commodities, Inc., Plaintiff-Appellee, v. SMITH METAL AND IRON COMPANY, Defendant-Appellant.

United States Court of Appeals, Fourth Circuit.

Decided March 4, 1988.

Attorney(s) appearing for the Case

Neil Carson Williams, III, Robert B. McNeill (Horack, Talley, Pharr & Lowndes, Charlotte, N.C., on brief), for defendant-appellant.

James Craig Whitley (Albert F. Durham, Leonard, McNeely, MacMillan & Durham, Charlotte, N.C., on brief), for plaintiff-appellee.

Before WIDENER and WILKINSON, Circuit Judges, and BUTZNER, Senior Circuit Judge.

BUTZNER, Senior Circuit Judge.

Smith Metal and Iron Company appeals the district court's order holding that a payment for goods sold to Continental Commodities, Inc., was a preference as defined by the Bankruptcy Code of 1978, 11 U.S.C. § 547. The dispositive issue is whether, for the purpose of section 547(c)(2)(B), a transfer of funds by check is effective when the creditor receives the check or when the debtor's bank honors it. The bankruptcy court held, and...

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