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The second edition fulfills the same unique role as the first-it is practically the only exhaustive, modern, American book in the field. The first edition came out just before the close of the World War. Shortly thereafter came the disastrous inventory deflation. On its heels came innumerable receiverships, as a result of which a decade of litigation followed. The development of the law of receiverships during that decade has been unique. That alone called for a new edition.

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