Moore

This is an appeal from an order of the District Court permitting appellee Bank of America, a creditor of the bankrupt Boswell, to reclaim from the jurisdiction of the trustee certain personal property in the bankrupt’s possession at the time of his adjudication.

The bank asserted title to the property under a security instrument known as a “trust receipt.” It had been purchased on open account by the bankrupt. Thereafter the bank advanced some $800 to the bankrupt, which the latter used to pay for the property. As security for the advance, the bankrupt gave the bank the trust receipt stating that bankrupt (trustee) held the goods in trust for the bank (intruster).

Failing default on the part of the trustee, the instrument recited, he was permitted'to keep and-display for sale and sell the property, the lien of the trust receipt following the proceeds of any such sale. *241 The bank was not required to record the secret lien given it by the bankrupt before 30 days had elapsed.

It is conceded that this entire security transaction, including its fruits by way of a valid title in the bank, is in conformity with a statute of the State of California known as the “Uniform Trust…