Chris-Don, Inc. (debtor) operated a tavern under an alcoholic beverage license issued by a New Jersey municipality. Chris-Don borrowed $300,000 from United (creditor) and granted United a security interest in its assets, including intangibles. Chris-Don filed for bankruptcy. The bankruptcy trustee sold the license. United alleged it was entitled to the proceeds of the license sale despite a New Jersey state law prohibiting alcoholic beverage licenses being granted as collateral. The bankruptcy court granted summary judgement in favor of United and the bankruptcy trustee appealed.