How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Dwayne B. Your Own Question
Dwayne B.
Dwayne B., Attorney
Category: Business Law
Satisfied Customers: 32318
Experience:  Practicing for over 20 years and helped a number of businesses with litigation.
11068102
Type Your Business Law Question Here...
Dwayne B. is online now
A new question is answered every 9 seconds

I am a loan officer in Minnesota. I have worked with a client

This answer was rated:

I am a loan officer in Minnesota. I have worked with a client on a new construction loan, who refuses to pay for my services, and I am considering taking him to conciliation court to force payment. For background, there are two ways I can secure financing for a client. I have the ability to fund a loan from my company's warehouse line of credit, or to broker it out to an outside investor. The loan did not meet our in-house lending guidelines, so I procured an outside bank, which ironically had even better terms than what the client would have received through an in-house approval. Because of banking regulations, the bank was unable to collect my origination fee on the settlement statement, and told the borrower this. However, my fee could have been collected as a draw on the construction loan. The borrower has taken advantage of the bank's rule to say I have no right to collect a fee, even suggesting that it is illegal for me to do so. He says I did not do what I said I was going to do, while I contend I have done even better than what I first set out to do, getting him better terms than what he first requested. I have many hours of work into this file, and want my origination fee. I have signed application papers, but not an actual signed retention agreement, unfortunately. What are my chnaces of winning this case in conciliation court?
Your chances are pretty good under the legal theory of "quantum meruit" which basically means you should get paid for rendering a valuable
service.


I ran a search on Minnesota case law involving the term quantum meruit and you can look through these case at http://scholar.google.com/scholar?as_q=&num=10&as_epq=quantum+meruit&as_oq=&as_eq=&as_occt=any&as_sauthors=&as_publication=&as_ylo=&as_yhi=&as_sdt=4&as_sdts=24&btnG=Search+Scholar&hl=en to get an idea of what is involved in this.



Thank you for allowing me to assist you. As you know, we work on the honor system here and cannot always provide you answers that you like. I believe I have answered all of the questions you asked so I would request that you please click the ACCEPT button so I receive credit for my work and leave feedback if you have a chance. Please consider clicking "BONUS" as a nice way of saying "thanks" for a job well done, although this is neither required nor expected. Please remember that we can only base our answers on the information you provide and sometimes a misunderstanding as to what you are looking for or already know occurs so feel free to ask additional questions. Please be aware that my answer is not legal advice, it is merely information. You should always contact a local attorney for legal advice.



Several customers have asked how they direct a question to me in particular. If you specifically want me to provide information for you just put “FOR JD 1992” in the subject line and I will pick up the next time I am online.





Dwayne B. and other Business Law Specialists are ready to help you

Related Business Law Questions