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FIRST NAT. BANK & TRUST CO. OF BISMARCK v. PETERSON

No. 83-1400.

720 F.2d 536 (1983)

FIRST NATIONAL BANK AND TRUST COMPANY OF BISMARCK, Appellee, v. Donald P. PETERSON, Appellant.

United States Court of Appeals, Eighth Circuit.

Decided November 9, 1983.

Attorney(s) appearing for the Case

Stephen W. Plambeck, of Nilles, Hansen, Selbo, Magill & Davies, Ltd., Fargo, N.D., for appellee.

Gainsley, Squier, Thorsen & McTaggart, Phillip Gainsley and Jane A. McTaggart, Minneapolis, Minn., for appellant.

Before BRIGHT, JOHN R. GIBSON and FAGG, Circuit Judges.

BRIGHT, Circuit Judge.

The First National Bank and Trust Company of Bismarck (the "Bank") brought this action to collect on a $1,601,972.47 promissory note, on which Donald P. Peterson had paid only $86,901.52 before defaulting. Peterson contended that the Bank had fraudulently induced him to give the promissory note, and that therefore he was not liable on it. Peterson counterclaimed to recover the $86,901.52 he had paid before default.

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