Gutterridge Harley-Davidson dealer may sell to avoid foreclosure

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Bankers are foreclosing on Gutterridge Harley-Davidson in Danville, Ill., according to published reports.

MainSource Bank of Potomac filed a foreclosure suit March 14 against Michael and Elizabeth Gutterridge and the dealership.

Michael Gutterridge told the Commercial-News the dealership is still open and he’s working on selling the property. The Gutterridge family has run the motorcycle business for 75 years and operated a shop in Danville for more than a half-century.

According to court papers, the foreclosure is to cover agreements dated Jan. 11, 2007, and Dec. 23, 2008. As of March 7, the lawsuit indicate the Gutterridges owed $1.05 million with interest accruing at around $184 per day, the newspaper reports.

Court papers indicate MainSource Bank is not offering to accept the title to the property to satisfy the debt and obligations.

Posted by Holly Wagner