Question: D owes C $100,000. C has a first lien on collateral worth $60,000. D surrenders the collateral to C, and C reduces the debt from

D owes C $100,000. C has a first lien on collateral worth $60,000. D surrenders the collateral to C, and C reduces the debt from $100,000 to $40,000. Two months later, D files for bankruptcy. Was the transfer of the collateral to C a preference

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