For the language of the "good faith purchaser" test of the 1938 version of §60 and the status of New York assignments under that test, see Rockmore v. Lehman (Judge Augustus Hand's second opinion), supra p. 1482. The "lien creditor test" adopted in the 1950 revision of §60 has been carried forward in the voidable preference section of the 1978 Bankruptcy Code; see §547(e)(1)(B), discussed in the Note following Shiro v. Drew, supra p. 1452. It should be kept in mind that the lien creditor test applies only to transfers of personal property; transfers of real property are still governed by the good faith purchaser test that created such problems for non-notification accounts receivable financers in the Klauder case.3
See Bankruptcy Code §547(e)(1)(A).
February 15, 2015
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