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MORTGAGE INV. OF WASHINGTON v. CITIZENS BANK AND TRUST CO.

No. 350, September Term, 1975.

29 Md. App. 591 (1976)

349 A.2d 647

MORTGAGE INVESTORS OF WASHINGTON v. CITIZENS BANK AND TRUST COMPANY OF MARYLAND.

Court of Special Appeals of Maryland.

Decided January 2, 1976.

Attorney(s) appearing for the Case

Patrick F.J. Macrory, with whom were Arnold & Porter, Joseph Patrick Clancy, Susan E. Pfeifer, Allan A. Noble and Clancy & Pfeifer on the brief, for appellant.

Ronald A. Baradel, with whom were Hartman & Crain on the brief, for appellee.

The cause was argued before ORTH, C.J., and GILBERT and LOWE, JJ.

ORTH, C.J., delivered the opinion of the Court.

The issue for decision in this case is whether a stipulation in a promissory note for the payment by the debtor of a specified attorney's fee for services in the collection of the debt upon default is valid and enforceable. We hold that such a provision is valid and that it is enforceable with the limitation that the fee may not exceed the amount which the creditor is obligated to pay his attorney for the services contemplated...

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