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Simple English definitions for legal terms

cognovit note

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A quick definition of cognovit note:

A cognovit note is a type of promissory note that includes a clause called a cognovit clause. This clause allows the lender to obtain a judgment against the borrower without going through a lengthy legal process if the borrower defaults on the loan. In simpler terms, it means that the borrower agrees in advance to allow the lender to obtain a court judgment against them if they don't pay back the loan as agreed.

A more thorough explanation:

A cognovit note is a type of promissory note that includes a clause called a cognovit clause. This clause allows the lender to obtain a judgment against the borrower without going through the usual legal process.

For example, let's say John borrows $10,000 from Jane and signs a cognovit note. The note includes a clause that says John agrees to allow Jane to obtain a judgment against him if he fails to repay the loan. If John defaults on the loan, Jane can take the note to court and obtain a judgment against him without having to go through a lengthy legal process.

Cognovit notes are controversial because they give lenders a lot of power over borrowers. Some states have even banned the use of cognovit notes because they are seen as unfair to borrowers.

cognovit judgment | COGSA

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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