Confessed Judgment Promissory Note With Personal Guarantee
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How to fill out Virginia Nonnegotiable Confessed Judgment Promissory Note?
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FAQ
A typical confession of judgment provision in a commercial contract (e.g., a promissory note) authorizes the creditor upon a default under the agreement to obtain a judgment for the amount owed without notice to the debtor(s) or guarantor(s), and allows the creditor to immediately execute on the judgment.
A 'confession of judgment' is a document signed by a borrower that waives the right to due process if a debt is unpaid. The term "confession of judgment" or consent decree, means that the signer confesses and accepts the judgment (the decision of the court).
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.
Primary tabs. A confession of judgment is a legal device - usually a clause within a contract - in which a debtor agrees to allow a creditor, upon the nonoccurrence of a payment, to obtain a judgment against the debtor, often without advanced notice or a hearing.