Confession Of 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 confession of judgment was signed by the borrower to acknowledge the outstanding loan balance.
- In a confession of judgment, the borrower voluntarily waived the right to a trial to resolve the debt.
- As part of the agreement, the company filed a confession of judgment in the local court records.
- Without realizing the full implications, the business owner signed a confession of judgment that greatly damaged his financial future.
- To speed up the debt collection process, creditors can seek a confession of judgment if the debtor is willing to acknowledge their financial obligation.