In Re Legel Braswell Government Securities Corporation, Bankrupt. Plano Savings & Loan Association v. Irving Trust Company

JAMES C. HILL, Circuit Judge:

Irving Trust Company (“Irving Trust”) appeals a district court order affirming the bankruptcy court’s grant of summary judgment in favor of Plano Savings & Loan Association (“Plano”). Both the district court and the bankruptcy court determined that Plano held a superior claim to the disputed proceeds of the sale of a Government National Mortgage Association (“GNMA”) certificate. On appeal, Irving Trust maintains that it is entitled to the proceeds as the bona fide purchaser of the security from the bankrupt, Legel, Braswell Government Securities Corporation…