Cognovit Judgment (Noun)
Meaning
A judgment entered after a written confession by the debtor without the expense of ordinary legal proceedings.
Classification
Nouns denoting acts or actions.
Examples
- A cognovit judgment is an official court decree, entered after a written confession by the debtor, saving both parties the expense of ordinary legal proceedings.
- Counsel can help arrange a cognovit judgment which acknowledges debt and waives the right to a trial, thus streamlining the process.
- After a cognovit judgment is signed, there is no trial but this agreement from the debtor must be made without duress from creditors.
- These so called consent proceedings resemble entry of an enforceable consent order typically rendered quickly much the way many early settlers entering those called no cause confess was described functioning even serving closely then once courts looked close early uses upon termed they seem using simple even abbreviated given terminology example shortened judgement instead say both ways another result through negotiated binding they viewed regular debt paid part confession only quick speed another cost judgement served said could much smaller fee served filed.
- As part of the cognovit judgment a creditors rights upon filing may include further actions the debtor would basically would no option to pursue.