A bank says it is owed a plane worth $90,000 after a man failed to make payments on a loan.
The Edge Bank filed a lawsuit July 24 in Madison County Circuit Court against William Shaw.
The bank claims it is entitled to a 1974 Beechcraft E55 Fixed Wind Multi-Engine Airplane after Shaw stopped making payments on a line of credit worth $200,000 and another line of credit for $40,000.
"Under the terms of said Notes and Security Agreements, the Defendant granted to Plaintiff a security interest in said property," the suit states. "Said Note and Security Agreements provide that the holder may take such action as it may deem appropriate to protect said property and may take possession and control of said property and require the Defendant to make the property available to Plaintiff."
Even though the bank has demanded possession of the plane, Shaw has refused to hand it over.
"In the event possession of said property is not delivered to the Plaintiff, Plaintiff will be damaged in the sum of $90,000," the complaint says.
The bank is seeking either the plane or $90,000, plus costs and attorney's fees.
George E. Marron III of Knapp, Ohl, Green and Marron in Edwardsville will be representing it.
Madison County Circuit Court case number: 09-L-769.
Bank seeks Beechcraft plane or $90,000 in lawsuit
ORGANIZATIONS IN THIS STORY