D & M Development Company v. Sherwood and

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 trial court. The trial court agreed and granted summary judgment in favor of respondent and in addition thereto filed
extensive findings of fact.