Court of Appeals for the Fifth Circuit March 9, 1978, 75-2520 (In the Matter of E. A. Fretz Company, Inc., Bankrupt. Republic National Bank of Dallas v. Carl S. Fitzgerald, Trustee)

JOHN R. BROWN, Chief Judge:

This appeal presents a flood of interesting questions. The most intriguing issue is whether the Uniform Commercial Code, construed in light of the policies underlying the Bankruptcy Act, permits the use of “floating secured parties” in secured transactions. Under the bizarre facts of this case, we hold that it does not and reverse.