This pamphlet provides an overview on the use of a confessed judgment clause in contracts. Topics covered include how to draft a confession of judgment clause, as well as how to enforce it.
New Jersey USLegal Pamphlet on Confession of Judgment
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US-PMPH-11
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How to fill out USLegal Pamphlet On Confession Of Judgment?
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FAQ
Any person against whom a cause of action exists may, without process, appear in person or by attorney, and confess judgment therefor in open court as follows: (a) A petition shall be filed and the justness of the debt or cause of action be sworn to by the person in whose favor the judgment is confessed.
Confession of judgments are highly controversial because some people feel that they do not allow the borrower a chance to present a proper defense, and so most states do not allow them. However, some states, such as Pennsylvania, New Jersey and New York, do allow them under certain circumstances.
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.
A Florida court decision from 1997 recognized that even though confessions of judgment are per se illegal in Florida, the state of Florida is, nonetheless, required to recognize such judgments entered in other states, based upon the full faith and credit clause of the U.S. Constitution.
The borrower can file petitions and motions to attempt to hold off the confession of judgment from being enacted. A confession of judgment might be included as part of a contract signed between a lender and borrower as a form of personal guarantee.
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.
It may only be used when no action has been commenced in court. The courts have held that such a process constitutes the defendant waiving vital Constitutional rights, such as the right to due process, thus have imposed strict requirements in order to have the confession of judgment enforceable.
