Bank sues to get Harley used as loan collateral
A Texas bank claims a man refuses to turn over a Harley Davidson he used as collateral for a loan.
Compass Bank filed a lawsuit Feb. 22 in Jefferson County District Court against Shawn Woelk.
The bank claims it executed a retail installment contract with Woelk and to secure the contract Woelk agreed to allow Compass a security interest in a 2008 Harley Davidson FLSTC Shrine motorcycle.
Compass Bank alleges that since then, Woelk has failed to timely make monthly payments, and Compass has accelerated the note against him, according to the complaint.
"The payoff balance due as of Jan. 29, 2010, is the amount of $17,125.69," the suit states.
Because he defaulted on his payments, Woelk is obligated to peacefully allow Compass to take possession of his Harley Davidson, the complaint says. However, Compass claims Woelk refuses to do so.
In its complaint, Compass seeks the money it says Woelk owes it, attorney's fees of at least $1,500, costs, post-judgment interest at the highest rate allowed by law and other relief the court deems just. In addition, it seeks an order directing the sheriff to take Woelk's vehicle from him.
Shawn K. Brady of Messer, Campbell and Brady in Frisco will be representing him.
The case has been assigned to Judge Donald Floyd, 172nd District Court.
Jefferson County District Court case number: E186-089.