Gray v. Giant Wholesale Corp.

DONALD RUSSELL, Circuit Judge:

This is a case brought by David G. Gray, trustee in bankruptcy for the estate of William Jerry Page d/b/a Hendersonville Food Center, against Giant Wholesale Corp., a Tennessee corporation, to recover for allegedly ineffective, voidable and preferential transfers made to Giant before Page filed his voluntary Chapter 7 bankruptcy petition.1 The district court held, as a matter of law, that Giant was a secured creditor, thereby defeating Gray’s attempt to subordinate Giant’s security interest under N.C.Gen.Stat. § 25-9-301(l)(b) (Supp. 1983); that Giant was' not an…