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The secured creditor enjoys several advantages over his unsecured brethren. If the debtor defaults on his obligation, the secured creditor is sometimes empowered to take matters in his own hands, sell the property covered by his security, and reimburse himself out of the proceeds without the time and expense of the lawsuit to which the unsecured creditor must resort. If the debtor disposes of all of his property, the secured creditor's claim, if properly perfected, follows the property into the hands of the transferee and may be satisfied therefrom without the necessity of litigation to establish that the transfer was a fraudulent conveyance. If unsecured creditors go after property of the debtor to satisfy their claims, the secured creditor's interest in the property covered by his security, if properly perfected, is immune from their levies. And if the debtor goes into bankruptcy, the secured creditor has first claim on the proceeds of the property covered by his security, after which he shares pro rata on any unpaid balance with the full claims of unsecured creditors in the remainder of the debtor's assets. But, while the secured creditor realizes one of his greatest advantages in bankruptcy proceedings, he also faces greater hazards in bankruptcy. The bankruptcy trustee is empowered not only to set aside security transactions which other creditors could have avoided under the doctrine of fraudulent conveyance or otherwise at state law,' but also to avoid certain security transactions under Section 60 of the Bankruptcy Act as "preferences"-a risk to which the secured transaction is not subject outside of bankruptcy save under statutes of a few states. This risk created by Section 60 is the Bankruptcy Act's chief hazard to secured creditors and, for the past five years, has been the subject of their excruciating concern. That concern has manifested itself in an energetic campaign which culminated early this year in an amendment adding seven new paragraphs to Section 60. Although critics of earlier and simpler versions of this amendment labeled them unintelligible monstrosities which "would at once have astonished and delighted Gilbert and Sullivan,"2 one of the amendment's leading proponents replies that "to anyone who reads the congressional committee reports and the minutes of the hearings, its purposes will be

The Secured Transactions Article of the Commercial Code and Section 60 of the Bankruptcy Act