In the Matter of Aa Appliance & Tv Center, Inc., Bankrupt. Benjamin True, as Trustee v. Marshall & Ilsley Bank

KNOCH, Circuit Judge.

Marshall and Ilsley Bank of Milwaukee, Wisconsin, filed, with the Wisconsin Secretary of State, a statement of the Bank’s financing and anticipated financing (by means of trust receipt transactions) of acquisition of “Television, Appliances and Other Similar Equipment” by AA Appliance & TV Center, Inc.

Subsequently the President of the AA Appliance delivered to the Bank three trust receipts on refrigerators, washers, dryers and a freezer. When AA Appliance was adjudicated a bankrupt, the trustee in bankruptcy took possession of all assets including the unsold merchandise…