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A confession of judgment is an affidavit in which a party admits liability to another party, accepts a quantification of damages and agrees that the affidavit may be filed as a judgment upon the occurrence of a stated condition, usually an affidavit from the creditor attesting to the default.
Basic Procedure: A confession of judgment is a written statement, signed and verified by the defendant under oath. It must be accompanied by an independent attorney's declaration. The papers are submitted to the clerk of the court for entry; the court then places its imprimatur on it.
A confession of judgment (COJ) is a legal agreement that, once signed, indicates a borrower accepts liability for their loan, waiving all legal defenses if they default. A COJ, sometimes called a cognovit note, is one of the documents that could slip through the cracks when signing your loan paperwork.
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.
Confessions of judgment on consumer loans are outlawed by the Federal Trade Commission but are still legal on business loans in certain states: Illinois, Maryland, Michigan, Minnesota, New Jersey, Ohio, Pennsylvania, Virginia and Texas.
What Is a Confession of Judgment? A confession of judgment is a written agreement, signed by the defendant, that accepts the liability and amount of damages that was agreed on. A confession of judgment is a way to circumvent normal court proceedings and avoid a lengthy legal process to resolve a dispute.
A confessed judgment clause is a provision in an agreement that states that a creditor can obtain a judgment against a consumer without following regular court procedures. The creditor does not have to take you to court to collect, and you cannot raise any defenses.
(16 C.F.R. § 444.2.) 2) Permits a judgment by confession to 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. Such judgment may be entered in any superior court.