Settlement Agreement Form With Confession Of Judgment
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How to fill out Settlement Agreement Tradename?
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FAQ
Pennsylvania is one of only a handful of states that permit enforcement of confession of judgment clauses. As a matter of public policy, Pennsylvania strictly construes confession of judgments clauses against the party seeking to enforce it, and requires observance of specific formalities in connection therewith.
A confession of judgment is a pleading filed in the Court of Common Pleas of Pennsylvania that gives the Plaintiff an immediate judgment against the Defendant without prior notice and an opportunity to be heard in court by the Defendant.
The requirements are as follows:Notarized Affidavit of Defendant.Stating Sum for Which Judgment May be Entered.State County of Residence or Where Entry Authorized.State Facts Out of Which Debt Arose.Contingent liability.Entry of judgment.
SECTION 15-35-350. Judgment by confession; generally. A judgment by confession may be entered without action either for money due or to become due or to secure any person against contingent liability on behalf of the defendant, or both, in the manner prescribed in this article.
In a confession of judgment, the defendant confesses judgment in favor of the plaintiff for a specified amount, and authorizes entry of judgment against him or herself for that sum and often for accrued interest and attorneys fees incurred by the creditor.