Janos Marias v. Eugene A. Marano

FACTS In 1983, the plaintiff, Janos Marias, employed the defendant, Eugene Marano, to prepare a contract for the sale of Marias's
interest in a partnership. Under the terms of the contract, the plaintiff was to retain a 50% interest in the partnership
assets to secure the sale. In 1987, after the buyer had repeatedly failed to make the required payments, the plaintiff contacted
another attorney to pursue his rights under the contract in either collecting the past due payments or repossessing the collateral.
This attorney checked with the Secretary of State and found that the defendant had failed to file a financing statement to
perfect the plaintiff's security interest in the partnership property. The buyer declared bankruptcy and the plaintiff was
unable to repossess the partnership property as two banks, Northern State Bank and First Security Bank, had, subsequent to
the contract between Marias and Schroeder, perfected liens in the property and were able to repossess.