IN RE NANCE
556 F.2d 602 (1977)
NATURE OF THE CASE: This was a dispute over an assignment of monies.
FACTS: Nance was a pro-football player for the Boston Patriots. Nance was in debt to
Coolidge Bank and signed a document entitled 'Assignment of Contract.' The assignment
recited Nance's compensation under his Patriots contract and had a clause that assigned a
portion of his contract earnings to Coolidge. Nance was told that the instrument was merely
something to keep the board of the bank happy. The bank denies that statement. Nance was
traded to another club, and Myers his agent had full power of attorney on all monies due
Nance. More trouble came from the bank and Nance executed a 'Declaration of Revocable Trust'
naming himself as sole beneficiary with the Bank and Myers trustees with all rights to the
monies from the Patriots and a notice provision. More trouble ensued and Nance attempted to
get the deferred compensation from the Patriots and a balance of $29,000.09 was paid to
Nance. Nance only paid $5000 of that to the bank. The Bank sued him and Nance filed for
bankruptcy. The bank sought a petition to the bankruptcy court for $24,000.09 of the monies
due to be declared nondischargable. The bankruptcy judge ruled that there was an effective
assignment of the monies. Nance appealed and the district court reversed citing the fact
that the assignment was ineffective under Mass. Gen. Law Ann ch.154. The bank then appealed.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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