Heyer v. Conesus Milk Producers Coop. Assn (In re Clayson)

Pre 2005-Act: 
Pre 2005-Act
Receipt of funds from a cattle auction was deemed not preferential since the security interest in debtor's cattle was deemed perfected prior to preference period.
Procedural posture: 
Plaintiff chapter 7 trustee filed an adversary proceeding against defendant creditor seeking to avoid an alleged transfer from the debtor as preferential under 11 U.S.C. §§ 547 and 550. The trustee contended that the creditor failed to perfect its security interest in the debtor's cattle, and its receipt of funds from an auction of such cattle constituted a preference.
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