Debtor had agreed to act as escrow agent on a loan from plaintiff to a third party, but improperly used escrowed funds to pay its own debts to a good faith creditor. Chapter 7 trustee recovered the funds from debtor's creditor on the ground that the payments had been preferences, and plaintiff filed an adversary proceeding contending that the recovered amount was subject to a constructive trust in its favor. The bankruptcy court ruled in favor of trustee, concluding that the recovered funds were not subject to a trust, although plaintiff did have an unsecured claim against debtor's estate based on debtor's wrongful disbursement of escrowed funds. This decision was affirmed by the district court in 226.pdf and, ultimately, by the Tenth Circuit, sitting en banc, in 313a.pdf.