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Appeals court considers claims by intermediaries after bank real-estate workout; statute of frauds, broker-license rules debated
Summary
Appellants seeking fees for arranging a buyer of a troubled real‑estate project argued quantum meruit and joint‑venture theories; appellee bank argued the claims were barred by the statute of frauds and by real‑estate licensing rules distinguishing brokers from auctioneers. The court took the matter under advisement.
The Appeals Court heard argument in a dispute over compensation claimed by intermediaries (an auctioneer and an alleged broker-arranger) who say they procured a buyer for a troubled real‑estate project the bank was marketing to avoid foreclosure. Appellant counsel Steve Grant argued the bank actively sought a buyer, relied on the appellants’ efforts to bring buyers to the table, and accepted a transaction the bank itself…
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