Edwin M. Larkin (plaintiff), an attorney, loaned $10,000 to attorney Robert F. Wood (defendant). Wood executed a promissory note, but made no payment for five years. Wood then promised by letter agreement to pay $1,000 and assigned the proceeds of two ongoing contingency cases. Wood then voluntarily filed for Chapter 11 bankruptcy. Wood attempted avoid Larkin’s security interest on the ground that Larkin failed to perfect the interest by filing under the Uniform Commercial Code (UCC). The bankruptcy court sided with Wood and held that Larkin was an unsecured creditor.