Flynt v. JAC Capital Fund
L. Flynt, Ltd.-8484, Inc. (Flynt) sued JAC Capital Fund, LLC (JAC) for breach of promissory note and attached a $1 million payment owed to JAC by Finova Capital Corporation (Finova). The trial court found that the $1 million belonged to third party claimants David Litt and Teresa Litt, cotrustees of the David and Teresa Litt Family Trust, and Litt Mortgage, Inc. doing business as Select Mortgage (collectively the Litts) because they held prior assignments from JAC of the right to receive that sum. Flynt appeals, arguing that the assignments were invalid on two grounds: the Litts did not receive them in good faith because they knew that Finovas consent was required but not obtained, and because the assignments were not supported by sufficient consideration. Court disagree and therefore affirm.
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