In Re Piro

MEMORANDUM OPINION

SCHWARTZ, Chief Judge.

This is a petition directed to the Court for review of the referee’s decision adjudging that respondent was a secured creditor of the bankrupt and that respondent’s lien attached to the proceeds of the sale at public auction of the inventory of the bankrupt.

Briefly stated, the facts are as follows. On July 22, 1966, by a written agreement, L. H. J. Enterprises, Inc. (hereinafter respondent) sold to the bankrupt all of the inventory of clothing and fixtures of a business known as Johnson’s Ltd. located at 7644 Girard Avenue, La Jolla, California.…