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What exactly is Lender Liability? This informative article ended up being reviewed and edited by FindLaw Attorney Writers

What exactly is Lender Liability? This informative article ended up being reviewed and edited by FindLaw Attorney Writers

The court attempted to define the elements of a fiduciary relationship between lender and borrower as follows: 1) the borrower must have faith, trust and confidence in the bank; 2) the borrower must be in a position of inequality, dependence, weakness or lack of knowledge; and 3) the bank must exercise dominion, control or influence over the borrower’s affairs in Waddell v. Dewey County Bank.

If your lender-borrower relationship is kept at supply’s size (the typical scenario that is debtor-creditor, the connection is certainly not fiduciary. (more…)

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