Swetnam v. Edmund Wright Ginsberg Corp.

CLARK, Circuit Judge.

This case involves an attempted pledge whereby the asserted pledgee seeks to comply with the traditional, common-law requirements of possession and still leave the asserted pledgor with sufficient access to the property to allow processing. The issue is presented by a plenary suit brought by a bankruptcy trustee appointed by the District Court for the Western District of Virginia, in which he seeks to set aside transfers of accounts receivable and merchandise during the four months prior to bankruptcy. The principal defense, offered is that the transfers were made…