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IN RE HOLDER

No. 88-2993.

892 F.2d 29 (1989)

In re Steven Thomas HOLDER, Debtor. WACHOVIA BANK AND TRUST COMPANY, N.A., Plaintiff-Appellant, v. Kathryn L. BRINGLE, Standing Trustee, Defendant-Appellee, and Steven Thomas Holder, Rayford K. Adams, Standing Trustee, Defendants.

United States Court of Appeals, Fourth Circuit.

Decided December 15, 1989.

Attorney(s) appearing for the Case

Thomas William Waldrep, Jr. (Womble Carlyle Sandridge & Rice, Winston Salem, N.C., on brief) for plaintiff-appellant.

Rayford Kennedy Adams, III (Tuggle, Duggins Meschan & Elrod, P.A., Greensboro, N.C., on brief) for defendant-appellee.

Before POWELL, Associate Justice (Retired), United States Supreme Court, sitting by designation, and PHILLIPS, Circuit Judge, and HILTON, United States District Judge for the Eastern District of Virginia, sitting by designation.

PER CURIAM:

The question presented is whether § 547(c)(1) of the federal bankruptcy code, 11 U.S.C. § 547(c)(1), is applicable to protect purchase money security interests perfected more than 10 days after the debtor receives possession of the collateral. We find § 547(c)(1) inapplicable and, accordingly, affirm the judgment of the district court.

I.

The relevant facts are not in dispute. On July 24, 1987, Stephen Holder ("debtor"...

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