River Rock Development v. Paik
Landowners agreed to sell land to a buyer for purposes of development. The purchase agreement called for a continuing relationship between the parties, with the sellers to receive a small percentage of profits from the development. The buyer sought the sellers approval for assignment of the buyers interests to an assignee, pursuant to an assignment agreement requiring the assignee to provide minimum funding. The buyer then signed amendments to the assignment agreement (including deletion of the minimum funding clause), without advising the sellers of the changes. The sellers agreed to consent to the original assignment agreement but never signed anything to that effect.
In this appeal, the buyers purported assignee cross complainant River Rock Development, an Arizona limited liability company (River Rock)appeals from summary judgment entered in favor of the sellers cross defendants Young J. Paik and Sue K. Paik, individually and as trustees of the Young J. Paik Family Trust (the Paiks). River Rock contends the trial court erred in excluding evidence and in determining there was no valid assignment. Court affirm the judgment.
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