- 28 -                                        
                    The security interest hereby granted is to secure                 
               the prompt and full payment and complete performance of                
               all Obligations of Debtor to Bank.  [Emphasis added.]                  
               Given the foregoing terms of the security agreement,                   
          respondent's contention that petitioner made an outright                    
          assignment to Huntington of the MMS/Miller promissory note must             
          fail.  The security agreement clearly sets forth a collateral               
          assignment of a security interest in the note.  Moreover, a                 
          Uniform Commercial Code financing statement was filed on December           
          31, 1992, to perfect Huntington's security interest in the                  
          "Commercial Loan Note executed by Miller Medical Systems, Inc. on           
          or about December 30, 1992".  Thus, respondent's repeated                   
          contention that "at any given point in time, Huntington held                
          promissory notes for the identical amount due it from both Mr.              
          Miller and MMS" is simply wrong; it is inconsistent with the                
          rights and obligations effected in the restructuring.  After the            
          restructuring, MMS would become directly liable to Huntington only          
          in the event of a default by petitioner or MMS.  Absent default,            
          MMS was directly liable to petitioner, not Huntington.                      
          Consequently, petitioner's collateral assignment of the MMS/Miller          
          promissory note to Huntington provides no grounds for disregarding          
          the separate indebtedness running between MMS and petitioner, and           
          between petitioner and Huntington.22                                        
               22 In a similar vein, we find no material significance in              
          the fact that petitioner was required to make a collateral                  
                                                              (continued...)          
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