No. 73-1103.

485 F.2d 1328 (1973)

In the Matter of NUMERIC CORP., Bankrupt. Appeal of Russell E. BLANK.

United States Court of Appeals, First Circuit.

Decided October 17, 1973.

Attorney(s) appearing for the Case

Frederic N. Halstrom, Boston, Mass., with whom William A. Cotter, Jr., Leo V. Boyle, and Parker, Coulter, Daley & White, Boston, Mass., were on brief, for appellant.

Sidney J. Kagan, Boston, Mass., with whom Richmond, Rosen & Kagan, Boston, Mass., was on brief, for appellee.

Before COFFIN, Chief Judge, McENTEE, Circuit Judge, and KILKENNY, Senior Circuit Judge.

McENTEE, Circuit Judge.

This appeal arises out of bankruptcy proceedings and involves interpretation of the term "security agreement" employed in the Uniform Commercial Code (UCC) as adopted by Massachusetts. Mass.Gen.Laws Ann. ch. 106, § 9-203(1) (b) (1958).1 The issue arises from the following circumstances.

In 1962 the appellant, Russell E. Blank, and one Robert Dean organized Numeric Corporation for the purpose of engaging...

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