International Minerals and Chemical Corporation v. Husky Oil Company

SPRECHER, Circuit Judge.

This diversity case raises the question of whether interest became due and payable on a loan. The parties, despite able counsel, have managed to balance the affirmative and negative factors in almost perfect equipoise.

Husky Oil Company appeals from a judgment holding it liable for interest in the amount of $115,000, plus interest on that sum, due on two promissory notes given by Husky to International Minerals and Chemical Corporation (IMC) in 1967 and 1968.

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The facts as found by the district court are as follows: IMC is a New York corporation engaged in the discovery,…