The general problem of preferences in bankruptcy in the recent past has been more frequently and more comprehensively discussed in legal periodicals than any other bankruptcy topic. It is not the purpose of this article to supplement what has been written elsewhere on the subject of Section 60a and b. The proper concern of many members of Congress for the lamentable uncertainties of the position of many secured creditors under the present law gives some reason to hope that before this article appears an amendment to Section 60a will have been adopted, which as to personal property transfers will substitute a hypothetical lien creditor test for the existing hypothetical bona fide purchaser test in the preference section. The wording of the amendment probably will vary considerably from that heretofore so strongly urged by the American Bar Association's special Committee, but the principal reform urged by the Bar Association will be accomplished.
Preferences as Affected by Section 60c and Section 67b of the Bankruptcy Act,
25 Wash. L. Rev. & St. B.J.
Available at: https://digitalcommons.law.uw.edu/wlr/vol25/iss1/1