Charles Peterson, a farmer and rancher, was indebted to Crown Financial Corporation on a $4,450,000 promissory note that was due on December 29, 1992. Shortly before the note was due, Crown sent Peterson a statement of interest due on the note ($499,658.85). Petersen paid the interest and executed a new note in the amount of $4,450,000 that was to mature in December 1995. The old note was then marked "canceled" and returned to Peterson. In 1995, Crown billed Peterson for $363,800 in interest that had been due on the first note but apparently not included in the statement. Peterson claimed that the interest had been forgiven and that he was not obligated to pay it. Was Peterson still obligated to pay interest on the note that had been returned to him marked "canceled"?
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