14:47
I'm all good, I'm tipsy in Zanzibar finishing an app and laughing my ass off to this:
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Warning
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LSDefine
Simple English definitions for legal terms
confessed judgment
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A quick definition of confessed judgment:
A confessed judgment is when someone agrees to have a judgment entered against them based on a certain event, like making a payment. It can also be when a debtor gives written consent for a creditor to take a judgment against them. The paper where the person agrees is called a confessed judgment, cognovit judgment, statement of confession, or warrant of confession. It is similar to a warrant of attorney, but not exactly the same.
A more thorough explanation:
A confessed judgment is when a person agrees to have a judgment entered against them based on a certain event, such as making a payment. It can also refer to a judgment taken against a debtor by a creditor, based on the debtor's written consent.
- John owes $10,000 to his creditor. He agrees to have a confessed judgment entered against him if he does not make a payment by a certain date. If he fails to make the payment, the creditor can enter the judgment without going to court.
- Mary owes $5,000 to her landlord. She signs a document allowing the landlord to enter a confessed judgment against her if she fails to pay rent for two months. If Mary does not pay rent for two months, the landlord can enter the judgment without going to court.
These examples illustrate how a confessed judgment can be used as a way to quickly obtain a judgment against a debtor without going through the court process. It is important to note that confessed judgments can have serious consequences for the debtor, such as wage garnishment or property seizure.