MOORMAN, Circuit Judge.
On July 19, 1929, T. F. and H. J. Gibson executed a mortgage for $10,000 to John L. Phillips to secure an antecedent debt of $4,000 and a present loan of $6,000. The mortgage was recorded November 13, 1929. On February 7, 1930, involuntary petitions in bankruptcy were filed against the Gibsons. After adjudication, this suit was brought by the trustee to cancel the mortgage on the ground that it constituted a voidable preference under section...
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