PEDEN, Justice.
This appeal stems from the failure of Markland Development, a real estate developer, to consummate a loan commitment agreement with American National Insurance Company, as lender. Tri-Cities Construction, Inc., the assignee of Markland Development, sued appellant, American National, to recover an $11,000 "standby fee" paid by Markland to American National upon confirmation of the loan commitment. Appellant retained the fee as liquidated damages when...
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