Vogel v. Russell Transfer, Inc.

MURNAGHAN, Circuit Judge:

The debtor’s transfer of property, at issue in the present case, is the grant of security interests. The transaction from which the security interests arose was a contract of sale between Russell Transfer, Inc. (Russell) and Suburban Funding Corp. (Suburban) and ITT Commercial Finance Corp. (ITT). Russell bought tractors and trailers from Suburban and ITT and agreed to grant each a security interest. Prior to the sale, Suburban and ITT had leased the tractors and trailers to Russell. Thus, pri- or to the sale they enjoyed preferred positions so far as titles to the…