D & M DEVELOPMENT CO. v. Sherwood and Roberts, Inc.

SHEPARD, Justice.

The sole question of law presented by this appeal is whether a “commitment fee” or “brokerage fee” is to be defined as interest when it is contended that a lending arrangement carries interest in excess of the maximum permitted by our statute and is therefore usurious. We hold that such a fee does not constitute interest.

In this case extensive interrogatories, affidavits and depositions were taken, filed, and are a part of the record from the court below. Both parties filed motions for summary judgment stating that there were no material issues of fact for decision by the…