cognovit judgement
Noun: A cognovit judgement is a legal judgment entered by a court based on the debtor's prior written confession of the debt. This written agreement, often included in a loan or credit contract, allows the creditor to obtain a judgment without the need for a full, formal lawsuit, thereby avoiding the expense and time of ordinary legal proceedings.
This term is used specifically in legal contexts, particularly in contract law and debt collection. * The lender included a cognovit judgement clause in the loan agreement. * Due to the signed confession of judgment, the creditor sought a cognovit judgement to quickly secure the debt.
- Cognovit Note: The promissory note or contract that contains the debtor's agreement to a cognovit judgement, also known as a "confession of judgment" clause.
- Signing a loan with a cognovit note carries significant risk for the borrower.
- The use and enforceability of cognovit judgements are heavily restricted or prohibited in many jurisdictions due to the waiver of fundamental legal rights.
- Confession of Judgment: The more common general term for the debtor's written agreement that leads to a cognovit judgement.
- Cognovit Actionem (Latin): The historical Latin phrase meaning "he has confessed the action," from which the term is derived.
- Confessed judgment
- Judgment by confession
This is a specialized legal term. Its use is primarily technical and historical, as many legal systems now limit or forbid such agreements to protect debtors from waiving their right to notice and a hearing.
- a judgment entered after a written confession by the debtor without the expense of ordinary legal proceedings