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DURHAM v. SMI INDUSTRIES CORP.

No. 88-2929.

882 F.2d 881 (1989)

Albert F. DURHAM, Trustee in Bankruptcy for Continental Commodities, Inc., Plaintiff-Appellee, v. SMI INDUSTRIES CORPORATION, d/b/a Kasle Recycling, Inc., d/b/a Schuchman Metals, Inc.; SMI Industries, Inc., d/b/a Kasle Recycling, Inc., d/b/a Schuchman Metals, Inc., Defendants-Appellants.

United States Court of Appeals, Fourth Circuit.

Decided August 17, 1989.

Attorney(s) appearing for the Case

Joseph William Murphy (Klineman, Rose, Wolf and Wallack, Indianapolis, Ind., and Edward P. Hausle, Tucker, Hicks, Hodge and Cranford, P.A., Charlotte, N.C., on brief), for defendants-appellants.

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

Before ERVIN, Chief Judge, and HALL and WILKINS, Circuit Judges.

WILKINS, Circuit Judge:

SMI Industries, Inc., a creditor of Continental Commodities, Inc., appeals from the district court judgment affirming a bankruptcy court ruling that its receipt of a check as part of a check exchange by the two companies constituted an avoidable preferential transfer under the Bankruptcy Code, 11 U.S.C.A. § 547(b) (West 1979). We reverse and remand.1

I.

SMI and Continental are scrap metal...

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