Newspaper article THE JOURNAL RECORD

Tulsa Bank Files Suit against Inhofe

Newspaper article THE JOURNAL RECORD

Tulsa Bank Files Suit against Inhofe

Article excerpt

TULSA (AP) - U.S. Rep. Jim Inhofe says he doesn't know why a Tulsa bank is suing him for more than $230,000 on a six-year-old promissory note that he claims is fully secured with collateral.

``I told the bank it wasn't necessary to foreclose because I would give them a deed in lieu of foreclosure,'' said Inhofe, R-Okla.

Western National Bank of Tulsa filed a lawsuit Friday in Tulsa District Court, claiming the note is in default because the congressman has refused demands for payment.

Inhofe executed a promissory note to the bank for $400,000 in October 1983, according to the lawsuit. He owed $232,625 as of Aug. 21, plus $114 a day in interest since that day, the lawsuit claims.

``I talked to someone at the bank at 3:30 p.m. Friday and they told me nothing would happen for five or six more days,'' Inhofe said Saturday. ``I don't understand their motivation to go against their word. …

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