EXHIBIT 1

                                 PROMISSORY NOTE
                               DATED MARCH 27 2001
                         TO KEYBANK NATIONAL ASSOCIATION

                                 PROMISSORY NOTE

Borrower:  UTAH MEDICAL PRODUCTS, INC.     Lender: KEYBANK NATIONAL ASSOCIATION
           7043 SOUTH 300 WEST                     UT-MM CENTRAL COMMERCIAL
           MIDVALE, UT 84047                       BANKING CENTER
                                                   50 S. MAIN ST, SUITE 2007
                                                   SALT LAKE CITY, UT 84130
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Principal Amount: $14,500,000.00   Initial Rate: 8.000%   Date of Note: March 27, 2001
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PROMISE TO PAY. UTAH MEDICAL PRODUCTS, INC. ("Borrower") promises to pay to
KeyBank National Association ("Lender"), or order, In lawful money of the United
States of America, the principal amount of Fourteen Million Five Hundred
Thousand & 00/100 Dollars ($14,500,000.00) or so much as may be outstanding,
together with interest on the unpaid outstanding principal balance of each
advance. Interest shall be calculated from the date of each advance until
repayment of each advance.

PAYMENT. Borrower will pay this loan in one payment of all outstanding principal
plus all accrued unpaid interest on April 14, 2003. In addition, Borrower will
pay regular monthly payments of all accrued unpaid interest due as of each
payment date, beginning April 15, 2001, with all subsequent Interest payments to
be due on the same day of each month after that. Unless otherwise agreed or
required by applicable law, payments will be applied first to accrued unpaid
interest, then to principal, and any remaining amount to any unpaid collection
costs and late charges. The annual interest rate for this Note is computed on a
365/360 basis; that is, by applying the ratio of the annual interest rate over a
year of 360 days, multiplied by the outstanding principal balance, multiplied by
the actual number of days the principal balance is outstanding. Borrower will
pay Lender at Lender's address shown above or at such other place as Lender may
designate in writing.

VARIABLE INTEREST RATE. The interest rate on this Note is subject to change from
time to time based on changes in an index which is the Prime Rate announced by
Lender (the "Index'). The Index is not necessarily the lowest rate charged by
Lender on its loans and is set by Lender in its sole discretion. If the Index
becomes unavailable during the term of this loan, the Lender may designate a
substitute index after notifying Borrower. Lender will tell Borrower the current
Index rate upon Borrower's request. The interest rate change will not occur more
often than each day that the index changes. The interest rate will change
automatically and correspondingly on the date of each announced change of the
Index by Lender. Borrower understands that Lender may make loans based on other
rates as well. The Index currently is 8.000% per annum. The interest rate to be
applied to the unpaid principal balance of this Note will be at a rate equal to
the Index, resulting in an initial rate of 8.000% per annum. NOTICE: Under no
circumstances will the interest rate on this Note be more than the maximum rate
allowed by applicable law.

PREPAYMENT. Borrower may pay without penalty all or a portion of the amount owed
earlier than it is due. Early payments will not, unless agreed to by Lender in
writing, relieve Borrower of Borrower's obligation to continue to make payments
of accrued unpaid interest. Rather, they will reduce the principal balance due.
Borrower agrees not to send Lender payments marked "paid in full", "without
recourse", or similar language. If Borrower sends such a payment, Lender may
accept it without losing any of Lender's rights under this Note, and Borrower
will remain obligated to pay any further amount owed to Lender. All written
communications concerning disputed amounts, including any check or other payment
instrument that indicates that the payment constitutes "payment in full" of the
amount owed or that is tendered with other conditions or limitations or as full
satisfaction of a disputed amount must be mailed or delivered to: KeyBank
National Association, UT-MM-Central Commercial Banking Center, 50 S. Main
Street, Suite 2007, Salt Lake City, UT 84130.

LATE CHARGE. If a payment is 10 days or more late, Borrower will be charged
5.000% of the unpaid portion of the regularly scheduled payment or $50.00,
whichever Is greater.



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INTEREST AFTER DEFAULT. Upon default, including failure to pay upon first
maturity, Lender, at its option, may, if permitted under applicable law,
increase the variable interest rate on this Note to 3.000 percentage points over
the Index. The interest rate will not exceed the maximum rate permitted by
applicable law.

DEFAULT.  Each of the following shall constitute an event of default
          ("Event of Default") under this Note:

     Payment Default. Borrower fails to make any payment when due under this
     Note.

     Other Defaults. Borrower fails to comply with or to perform any other term,
     obligation, covenant, or condition contained in this Note or in any of the
     related documents or to comply with or to perform any term, obligation,
     covenant or condition contained in any other agreement between Lender and
     Borrower.

     Default in Favor of Third Parties. Borrower or any Grantor defaults under
     any loan, extension of credit, security agreement, purchase or sales
     agreement, or any other agreement, in favor of any other creditor or person
     that may materially affect any of Borrower's property or Borrower's ability
     to repay this Note or perform Borrower's obligations under this Note or any
     of the related documents.

     False Statements. Any warranty, representation or statement made or
     furnished to Lender by Borrower or on Borrower's behalf under this Note or
     the related documents is false or misleading in any material respect,
     either now or at the time made or furnished or becomes false or misleading
     at any time thereafter.

     Insolvency. The dissolution or termination of Borrower's existence as a
     going business, the insolvency of Borrower, the appointment of a receiver
     for any part of Borrower's property, any assignment for the benefit of
     creditors, any type of creditor workout, or the commencement of any
     proceeding under any bankruptcy or insolvency laws by or against Borrower.

     Creditor or Forfeiture Proceedings. Commencement of foreclosure or
     forfeiture proceedings, whether by judicial proceeding, self-help,
     repossession or any other method, by any creditor of Borrower of by any
     governmental agency against any collateral securing the loan. This includes
     a garnishment of any of Borrower's accounts, including deposit accounts,
     with Lender. However, this Event of Default shall not apply if there is a
     good faith dispute by Borrower as to the validity or reasonableness of the
     claim which is the basis of the creditor or forfeiture proceeding and if
     Borrower gives Lender written notice of the creditor or forfeiture
     proceeding and deposits with the Lender monies or a surety bond for the
     creditor or forfeiture proceeding, in an amount determined by Lender, in
     its sole discretion, as being adequate reserve or bond for the dispute.

     Events affecting Guarantor. Any of the proceeding events occurs with
     respect to any guarantor, endorser, surety, or accommodation party of any
     of the indebtedness of any guarantor, endorser, surety, of accommodation
     party dies or becomes incompetent, or revokes or disputes the validity of,
     or liability under, any of the indebtedness evidenced by this Note. In the
     event of a death, Lender, at its option, may, but shall not be required to,
     permit the guarantor's estate to assume unconditionally the obligations
     arising under the guaranty in a manner satisfactory to Lender, and, in
     doing so, cure any Event of Default.

     Adverse Change. A material adverse change occurs in Borrower's financial
     condition, or Lender believes the prospect of payment or performance of
     this Note is impaired.

     Insecurity.  Lender in good faith believes itself insecure.

     Cure Provisions. If any default, other than a default in payment is curable
     and if Borrower has not been given a notice of a breach of the same
     provision of this Note within the preceding twelve (12) months, it may be
     cured (and no event of default will have occurred) if Borrower, after
     receiving written notice from Lender demanding cure of such default: (1)
     cures the default within fifteen (15) days; or (2) if the cure requires
     more than fifteen (15) days, immediately initiates steps which Lender deems
     in Lender's sole discretion to be sufficient to cure the default and
     thereafter continues and completes all reasonable and necessary steps
     sufficient to produce compliance as soon as reasonably practical.

LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal
balance on this Note and all accrued unpaid interest immediately due, and then
Borrower will pay that amount.

ATTORNEYS' FEES; EXPENSES. Lender may hire or pay someone else to collect this
Note is Borrower does not pay. Borrower will pay Lender that amount. This
includes, subject to any limits under applicable law, Lender's reasonable
attorneys' fees and Lender's legal expenses whether or not there is a lawsuit,
including without limitation all reasonable attorneys' fees and legal expenses
for bankruptcy proceedings (including efforts to modify or vacate



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any automatic stay or injunction), appeals. If not prohibited by applicable law,
Borrower also will pay any court costs, in addition to all other sums provided
by law.

JURY WAIVER. Lender and Borrower hereby waive the right to a jury trial in any
action, proceeding, or counterclaim brought by either Lender or Borrower against
the other.

GOVERNING  LAW.  This Note will be  governed  by,  construed  and  enforced  in
accordance  with  federal law and the laws of the State of Utah. This note has
been accepted by Lender in the State of Utah.

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a
right of setoff in all Borrower's accounts with Lender (whether checking,
savings, or some other account). This includes all accounts Borrower holds
jointly with someone else and all accounts Borrower may open in the future.
However, this does not include any IRA and Keogh accounts, or any trust accounts
for which setoff would be prohibited by law. Borrower authorizes Lender, to the
extent permitted by applicable law, to charge or setoff all sums owing on the
debt against any and all such accounts.

LINE OF CREDIT. This Note evidences a revolving line of credit. Advances under
this Note may be requested either orally or in writing by Borrower or as
provided in this paragraph. Lender may, but need not, require that all oral
requests be confirmed in writing. All communications, instructions, or
directions by telephone or otherwise to Lender are to be directed to Lender's
office shown above. The following person currently is authorized to request
advances and authorize payments under the line of credit until Lender receives
from Borrower, at Lender's address shown above, written notice of revocation of
his or her authority: KEVIN L. CORNWELL, CHAIRMAN/CEO of UTAH MEDICAL PRODUCTS,
INC. Borrower agrees to be liable for all sums either: (A) advanced in
accordance with the instructions of an authorized person or (B) credited to any
of Borrower's accounts with Lender. The unpaid principal balance owing on this
Note at any time may be evidenced by endorsements on this Note or by Lender's
internal records, including daily computer print-outs. Lender will have no
obligation to advance funds under this Note if: (A) Borrower or any guarantor is
in default under the terms of this Note or any agreement that Borrower or any
guarantor has with Lender, including any agreement made in connection with the
signing of this Note; (B) Borrower or any guarantor ceases doing business or is
insolvent; (C) any guarantor seeks, claims or otherwise attempts to limit,
modify or revoke such guarantor's guarantee of this Note or any other loan with
Lender; (D) Borrower has applied funds provided pursuant to this Note for
purposes other than those authorized by Lender; or (E) Lender in good faith
deems itself insecure

LIBOR 1 MONTH. An exhibit, titled 'LIBOR 1 Month Exhibit", is attached to this
Note and by this reference is made a part of this Note just as if all the
provisions, terms and conditions of the Exhibit had been fully set forth in this
Note.

PRIOR NOTE. This Note is a renewal of the promissory note form Borrower to
Lender dated April 14, 2000 in the original principal amount of $14,500,000.00.

SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and
upon Borrower's heirs, personal representatives, successors and assigns, and
shall inure to the benefit of Lender and its successors and assigns.

GENERAL PROVISIONS. Lender may delay or forgo enforcing any of its rights or
remedies under this Note without losing them. Borrower and any other person who
signs, guarantees or endorses this Note, to the extent allowed by law, waive
presentment, demand for payment, and notice of dishonor. Upon any change in the
terms of this Note, and unless otherwise expressly stated in writing, no party
who signs this Note, whether as maker, guarantor, accommodation maker or
endorser, shall be released from liability. All such parties agree that Lender
may renew or extend (repeatedly and for any length of time) this loan, or
release any party or guarantor or collateral; or impair, fail to realize upon or
perfect Lender's security interest in the collateral; and take any other action
deemed necessary by Lender without the consent of or notice to anyone. All such
parties also agree that Lender may modify this loan without the consent of or
notice to anyone other than the party with whom the modification is made. The
obligations under this Note are joint and several.

PRIOR TO SIGNING THIS NOTE,  BORROWER READ AND  UNDERSTOOD ALL THE PROVISIONS OF
THIS NOTE,  INCLUDING THE VARIABLE INTEREST RATE PROVISIONS.  BORROWER AGREES TO
THE TERMS OF THE NOTE

BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.

BORROWER:

UTAH MEDICAL PRODUCTS, INC.

   By: /s/ Kevin L. Cornwell
       ---------------------
      KEVIN L CORNWELL, CHAIRMAN/CEO of UTAH
      MEDICAL PRODUCTS, INC




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                              LIBOR 1 MONTH EXHIBIT

Borrower: UTAH MEDICAL PRODUCTS, INC  Lender: KeyBank National Association
          7043 SOUTH 300 WEST                 UT-MM- Central Commercial Banking
          MIDVALE, UT 84047                   Center
                                              50 S.  Main Street Suite 2007
                                              Salt Lake City, UT 84130


  This LIBOR 1 MONTH EXHIBIT is attached to and by this reference is made a part
  of the Promissory Note, dated March 27, 2001, and executed in connection with
  a loan or other financial accommodations between KEYBANK NATIONAL ASSOCIATION
  and UTAH MEDICAL PRODUCTS, INC.

  LIBOR ADDENDUM
  (Line of Credit One-Month Rate)


  1. DEFINITIONS: For the purposes of this Addendum, the following definitions
     will apply:

        "Business Day" means a day on which dealings are carried on in the
  London interbank eurodollar market.

        "LIBOR Interest Period" means the period commencing on the date an
  advance bearing interest at the LIBOR Rate is made, continued, or converted
  and continuing for one month, with successive periods commencing on the same
  day of each month thereafter;

        "LIBOR Rate" means the rate per annum calculated by the Lender in good
  faith, which Lender determines with reference to the rate per annum (rounded
  upwards to the next higher whole multiple of 1/16% if such rate is not such a
  multiple) at which deposits in United States dollars are offered by prime
  banks in the London interbank eurodollar market two Business Days prior to the
  day on which such rate is calculated by Bank, in an amount comparable to the
  amount of such advance and with a maturity equal to the LIBOR Interest Period;

        "LIBOR Reserve Requirements" means, for any advance bearing interest at
  the LIBOR Rate, the maximum reserves (whether basic, supplemental, marginal,
  emergency, or otherwise) prescribed by the Board of Governors of the Federal
  Reserve System (or any successor) with respect to liabilities or assets
  consisting of or including "Eurocurrency liabilities" (as defined in
  Regulation D of the Board of Governors of the Federal Reserve System) having a
  term equal to the term of such advance.

        "Margin" means one and 35/100 percent (1.35 %).

        "Note Rate" means the interest rate provided for in the Note based on
  the Lender's Prime Rate (as defined in the Note).

  2. INTEREST RATE. Notwithstanding anything contained in the Note to the
  contrary, advances under the Note shall bear interest at a fixed rate of
  interest equal to the LIBOR Rate plus the Margin for the duration of a LIBOR
  Interest Period; provided that no such advance shall be in an amount of less
  than $100,000.00, and provided further that no LIBOR Interest Period may
  extend beyond the maturity date of the Note. Upon the expiration of the
  initial LIBOR Interest Period, Borrower may elect a new LIBOR Rate or the Note
  Rate. If Borrower fails to make an election, the advances will bear interest
  at the LIBOR Rate plus the Margin for consecutive LIBOR Interest Periods until
  an election is made. During any LIBOR Interest Period, Borrower shall continue
  to make interest payments as required by the Note.

  3. INCREASED COSTS.  If, because of the introduction of or any change in, or
  because of any judicial, administrative, or other governmental interpretation
  of, any law or regulation, there shall be any increase in the cost to Lender
  of making,  funding, maintaining, or allocating capital to any advance bearing
  interest at the LIBOR Rate, including a change in LIBOR Reserve Requirements,
  then Borrower shall, from time to time upon demand by Lender, pay to Lender
  additional amounts sufficient to compensate Lender for such increased cost.

  4. ILLEGALITY. lf, because of the introduction of or any change in, or because
  of any judicial, administrative, or other governmental interpretation of, any
  law or regulation, it becomes unlawful for Lender to make, fund, or maintain
  any advance at the LIBOR Rate, then Lender's obligation to make, fund, or
  maintain any such advance shall terminate and each affected outstanding
  advance shall be converted to the Note Rate on the earlier of the termination
  date for each LIBOR Interest Period or the date the making, funding, or
  maintaining of each such advance becomes unlawful.



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  5. REIMBURSEMENT OF COSTS. If Borrower repays any advance bearing interest at
  the LIBOR Rate prior to the end of the applicable LIBOR Interest Period,
  including without limitation a prepayment under paragraphs 3 or 4 above,
  Borrower shall reimburse Lender on demand for any resulting loss or expense
  incurred by Lender, including without limitation any loss or expense incurred
  in obtaining, liquidating or reemploying deposits from third parties. A
  statement as to the amount of such loss or expense, prepared in good faith and
  in reasonable detail by Lender and submitted by Lender to the Borrower, shall
  be conclusive and binding for all purposes absent manifest error in
  computation. Calculation of all amounts payable to Lender under this paragraph
  shall be made as though Lender shall have actually funded the relevant advance
  through deposits or other funds acquired from third parties for such purpose;
  provided, however, that Lender may fund any advance bearing interest at the
  LIBOR Rate in any manner it sees fit and the foregoing assumption shall be
  utilized only for purposes of calculation of amounts payable under this
  paragraph. Lender will be entitled to receive the reimbursement provided for
  herein regardless of whether the prepayment is voluntary or involuntary
  (including demand or acceleration of the Note upon Borrower's default).


  THIS LIBOR 1 MONTH EXHIBIT IS EXECUTED ON MARCH 27, 2001.

  BORROWER:


  UTAH MEDICAL PRODUCTS, INC.

  By:   /s/ Kevin L. Cornwell
     ----------------------------------------
     KEVIN  L. CORNWELL, CHAIRMAN/CE0 of UTAH
     MEDICAL PRODUCTS, INC



  LENDER:

  KEYBANK NATIONAL ASSOCIATION

  By:  /s/ John P. Norawong
     ------------------------
     Authorized Officer