Cognovit Note

An extraordinary document by which a debtor authorizes his or her creditor's attorney to enter a confession in court that allows judgment against the debtor.

A creditor may ask the borrower to sign a cognovit note when credit is extended. If the debtor falls into arrears the creditor can obtain a judgment against the person without notification to the debtor. There is usually little the debtor can do to attack the judgment when it is discovered. The Supreme Court has held that cognovit notes are not necessarily illegal but most states have outlawed their use in consumer transactions.

单词	cognovit note
释义	Cognovit Note Cognovit Note An extraordinary document by which a debtor authorizes his or her creditor's attorney to enter a confession in court that allows judgment against the debtor. A creditor may ask the borrower to sign a cognovit note when credit is extended. If the debtor falls into arrears the creditor can obtain a judgment against the person without notification to the debtor. There is usually little the debtor can do to attack the judgment when it is discovered. The Supreme Court has held that cognovit notes are not necessarily illegal but most states have outlawed their use in consumer transactions.
随便看	written law written laws written manifest written material written matter written my own ticket written myself out written my ticket written naked written naked options written off written oneself out written one's own ticket written one's ticket written ourselves out written our tickets written out written own ticket written palindromes written partial review written plea not guilty written premium written problem statement written production written promise to appear