First National Bank of Saint Paul v. Intermountain Bancorporation, Inc.

ORDER

RUSSELL E. SMITH, District Judge.

The court has diversity jurisdiction.

On January 25, 1982, Intermountain Ban-corporation (Intermountain) borrowed $3,400,000 from the First National Bank of Saint Paul (Bank), and as evidence thereof, signed a promissory note due on demand with interest payable semiannually. The note among other things provided that in the event of default of any payment of interest, or if the holder deems itself insecure, the holder may declare the entire balance unconditionally due and payable. The note contained this statement: “The note shall be deemed a contract made…