Where a broker is authorized to secure a loan for the owner of real estate, as exclusive agent, for the purpose of taking up a mortgage, the owner impliedly reserves the right to obtain the loan himself, and if he closes his arrangements before a person ready, willing and able to take the loan is furnished, the broker is not entitled to commissions; whether the loan is secured by the owner from a third party or by a renewal through agreement with the person holding the note and mortgage is immaterial, so far as concerns the broker's right to commissions under the implied obligations of the latter's agency.

Mott v. Ferguson, 92 Minn. 201, 99 N. W. 804; Davison v. Herndin, 125 Ga. 385, 54 S. E. 92; Kimball v. Hayes, 199 Mass. 516, 85 N. E. 875. See also Sec. 247.