Maine Affidavit for Judgment by Confession for Money Due

State:
Multi-State
Control #:
US-03303BG
Format:
Word; 
Rich Text
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Description

A confession of judgment is a written agreement in which the defendant in a lawsuit admits liability and accepts the amount of agreed-upon damages that must be paid to the plaintiff. A confession of judgment may be filed as a court judgment against the defendant who does not pay or perform as agreed. Such an agreement attempts to minimize the need to resort to legal proceedings to resolve a dispute. Careful consideration needs to be given to signing an agreement for confession of judgment, since doing so signs away rights to contest a claim in a future dispute.


The following form is a complaint that adopts the "notice pleadings" format of the Federal Rules of Civil Procedure, which have been adopted by most states in one form or another. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

As a part of a business loan agreement, you may be asked to sign a confession of judgment ? a document that, in the event of a loan default, lets a lender bypass the normal legal process before obtaining a court judgment that allows it to seize your assets.

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.

For example, New York state limited the use of confessions of judgment by out-of-state debtors. COJs are permitted in just a handful of states, including Illinois, Maryland, Michigan, Minnesota, New Jersey, Ohio, Pennsylvania, Texas and Virginia.

How Are Confessions Of Judgment Entered? In New York, the beneficiary must file a proposed judgment for the clerk to sign, an affidavit from the plaintiff confirming the facts, and a bill of costs. The clerk may also deduct any amounts already paid from the judgment if the debtor has partially complied.

In the example: "The undersigned irrevocably authorizes any attorney to appear in any court of competent jurisdiction and confess a judgment without process in favor of the creditor for such amount as may then appear unpaid hereon, and to consent to immediate execution upon such judgment.", there is an unlimited risk ...

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Maine Affidavit for Judgment by Confession for Money Due