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Dwayne B.
Dwayne B., Attorney
Category: Business Law
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Experience:  Practicing for over 20 years and helped a number of businesses with litigation.
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I am a loan officer in Minnesota. I have worked with a client

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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?
Submitted: 3 years ago.
Category: Business Law
Expert:  Dwayne B. replied 3 years ago.
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.



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Dwayne B., Attorney
Category: Business Law
Satisfied Customers: 26184
Experience: Practicing for over 20 years and helped a number of businesses with litigation.
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