On the basis of the foregoing we are at a loss to understand how an assignee for the benefit of creditors generally, such as the board, can be regarded as a bona fide purchaser for value. The lone California decision so holding, Ferger v. Allen, 35 Cal.App. 738, 743 [ 170 P. 861], ignored this fundamental concept of present value and is otherwise unsound as we shall now demonstrate. [14b] Our fourth ground for rejecting the board's claim of priority is that granting it would place the board, a representative, in a better position than those it represents.

Therefore where a vendor accepts for the whole or any part of the purchase price any security whatever other than the personal obligation of the vendee, he thereby waives the benefit of a vendor's lien and loses his right to assert any such lien, as to such amount of the purchase price as is represented by such security, whether such security is or becomes worthless or not. (39 Cyc. 1836, 1837, 1840, and cases cited; Jones v.Allert, 161 Cal. 234, 118 P. 794, 795, and cases cited; Ferger v. Allen, 35 Cal.App. 738, 170 P. 861, 863; Lee v. Murphy, 119 Cal. 364, 51. Pac. 549, 955.) A statutory lien repudiates everything in the nature of an equitable lien. (25 Cyc. 23, 24, 35, 662.)