Spencer v. Hiram Walker & Sons Grain Corp.

HICKS, Circuit Judge.

The Van Arman Cereal Company, herein called Van Arman, a Michigan corporation, prior to bankruptcy was engaged in processing corn grits into beer flakes used in brewing. On August 11, 1937, an involuntary petition in bankruptcy was filed against it; adjudication followed on August 23, and appellant was appointed trustee.

Appellant sought by bill in equity to set aside as preferences certain assignments of accounts receivable made by Van Arman to appellee, Hiram Walker & Sons Grain Corporation, Ltd., herein called Walker, and to recover certain moneys collected thereon.

Appel…