Turner v. Central National Bank of Mattoon

William L. Turner, Trustee in Bankruptcy of Jerry Wayne Hopper, commenced this action against the defendant, Central National Bank of Mattoon, to recover $39,000.00 paid by the Over-ton Grain Company to the bank within four months of the filing of the bankrupt’s voluntary petition in bankruptcy. The theory advanced by the Trustee to justify setting aside the transfer is that the payment constituted a preference within the meaning of the Bankruptcy Act. 11 U.S.C. § 96. The defendant bank filed an answer denying liability and also filed a third party action against the co-signators of the notes…