Judge rules in favor of bank in Jody Wade case

Local News

WICHITA FALLS (KFDX/KJTL) — A Wichita County judge has ruled in favor of a bank against Jody Wade and Jody Wade Enterprises on the loans, collateral and property it foreclosed in March 2020.

78th District Judge Meredith Kennedy ruled businesses owned by Wade: Collins Motor Company and Jody Wade Enterprises, and Jody Wade personally, must pay the judgment to First Capital Bank of Texas, which includes $421,000 owed by Collins Motor Company, $462,000 by Wade Enterprises or Wade, plus all attorney fees in each judgment which amount to thousands of dollars.

The judgment also found that foreclosure sales of four properties in February were legal and valid and that the bank is also entitled to possession of all vehicles, equipment and inventory as part of the collateral for the loans, including equipment and truck beds which may had been removed from vehicles before being repossessed.

The order gives Wade until August 7 to surrender the property to the bank at 3101 Armory Road, the location of Jody Wade Enterprises and Big Daddy’s Towing.

Wade was arrested in May on a charge of hindering a secured creditor, a first-degree felony when the amount is over $300,000.

The bank filed to evict wade from that property and obtained an order to prevent Wade or employees from removing any property.

It also claimed Wade had removed at least one heavy-duty wrecker and had the bed cut off, and removed other equipment as well.

Other property once owned by Wade has been seized as well for unpaid taxes.

The judgment states that Wade was timely and properly notified of the trial setting, but did not appear.

But Wade, when reached for comment, said he is in Washington, D.C. on business and did not even know of the court proceeding.

He said First Capital wrongfully filed the lawsuit during the COVID-19 disaster and using, “trickery tactics” in the courts to get a profit on the sale of over a million dollars of property.

Wade said federal authorities are investigating and he has been instructed to make no further comment.

“First Capital Bank wrongfully filed these lawsuits and eviction during the COVID-19 disaster,” Jody Wade said. “They are using the courts to railroad trickery tactics to achieve a profit on the sale of over a million dollars. Federal authorities are looking into this and I have been instructed by them to make no further comment.”

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