First Construction Co. v. Tri-South Mortgage Investors

WAHL, Justice.

Plaintiff First Construction Company (First Construction) appeals from an order of the Hennepin County District Court which required that the indemnification bond offered by Tri-South Mortgage Investors (Tri-South) be accepted, that certain funds held in escrow be paid to Tri-South, and that interest in the escrow account be paid to Tri-South. We affirm in part and reverse in part.

First Construction borrowed $500,000 from Tri-South on November 16, 1973. A note was executed with First Construction promising to repay that amount in full, under certain conditions set out in the…