The Herald Bulletin

Morning Update

Local News

November 15, 2012

Guilkey properties face troubled times

Bank wants debts of $175,883 paid on sites including funeral home, Christian Center

ANDERSON, Ind. — The former Guilkey Funeral Home could face foreclosure and sale, according to Madison County Circuit Court 6 filings against the properties of Stanley I. Guilkey, who died last year.

Guilkey, a longtime supporter of Historic Eighth Street, took out a mortgage from what is now First Merchants Bank in December 2005 on properties he owned in Madison County, including the funeral home at 504 W. Ninth St.

After his death in August 2011, the bank moved to make the debt immediately due and payable.

In its filing on Oct. 10 of this year, the bank asked for $175,883.33 plus interest, costs and expenses it had incurred, including attorney fees. It also asked that the mortgaged properties be foreclosed and sold.

One of those properties, 625 Main St., is leased to The Christian Center thrift store.

“This (notice) wasn’t a surprise,” said the center’s executive director, Peter Lyon. He said the organization has “been in constant contact” with attorneys and other lessees over the past few months.

He said the thrift store is considering leasing from the new owner or moving to a different location if the foreclosure goes through.

The same goes for Gary Weatherford, who leases 515 Meridian St. for his Weatherford Auto and Truck Service, which is also on the list. He said he’s still “waiting to see,” but options include buying the property or moving to a new location.

The bank filed its civil lawsuit against Guilkey’s widow and estate representative Margaret Guilkey, the late Stanley I. Guilkey, the funeral home, and properties leased to the Christian Center thrift store; the Madison County Republican Central Committee, 601 Meridian; Studio X Tattoos representative Brian Fischer and Weatherford, LLC.

According to filings, the parties have until Dec. 3 to answer.

The attorney for the bank declined to comment, and calls to the Guilkey estate’s attorney were not immediately returned. Margaret Guilkey could not be reached for comment. A listed number for the funeral home has been disconnected.

Find Baylee Pulliam on Facebook and @BayleeNPulliam on Twitter, or call 648-4250.

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