In Pacific Finance Corp. v. Edwards the United States Court of Appeals for the Ninth Circuit interpreted § 70(c) of the Bankruptcy Act to mean that the trustee acquires the status of a hypothetical lien creditor only if there is an actual creditor who could have acquired a lien on the date of the petition in bankruptcy.
John S. Calvert,
Creditor's Rights—Bankruptcy—Section 70(c)—Actual Creditor Required,
38 Wash. L. Rev.
Available at: https://digitalcommons.law.uw.edu/wlr/vol38/iss2/28