Oliver Wendell Holmes, Jr.

“ The majority in the Circuit Court of Appeals took the distinction between a trustee under a conventional deed of trust for the benefit of creditors and a trustee in bankruptcy, that the former has no power to vacate preferences. ”

“ About a year later the trustee brought this suit relying upon the Traders' Act, section 5224 of the Code of Virginia, by which, it may be assumed, all the property used by Lee in his business, including these cars, 'shall as to the creditors of any such person, be liable for the debts of such person.' The trustee prevailed in the Circuit Court of Appeals. ”

“ We understand it to be admitted that the plaintiff is entitled to judgment for seven hundred dollars for property not covered by the petitioner's title, that amount having been allowed by the District Court, although it held as we do that the seizure was lawful. We follow the judgment in that respect. ”