In Re Adrian Research & Chemical Company

WELSH, District Judge.

Upon this Certificate of Review the sole question is: Under the Commercial Code may a reclamation petitioner recover all of the tangible assets of the bankrupt under a security agreement even though prior thereto he had obtained a judgment, issued execution and caused a levy to be made?

The facts are not in dispute and may be stated as follows:

On September 10, 1957, the bankrupt, Adrian Research and Chemical Company, Inc., in consideration of an accumulation of rent arrearages to the extent of $7600 due to William M. Kirkpatrick, its landlord, executed a Security…