W. EUGENE DAVIS, Circuit Judge:
This case presents the narrow question of whether the FDIC-as-Receiver can use § 550(b)(1) of the Bankruptcy Code to defend against a trustee's avoidance of a preferential transfer. We hold that the FDIC is not entitled to the defense and therefore affirm the district court.
I.
In June 1988 the First State Bank of Abilene (Bank) obtained a judgment against William H. Still to enforce a guaranty. A month later...
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