What does the term confession of judgment mean in a loan document?

A 'confession of judgment' is a document signed by a borrower that waives the right to due process if a debt is unpaid. The term "confession of judgment" or consent decree, means that the signer confesses and accepts the judgment (the decision of the court).

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Virginia Nonnegotiable Confessed Judgment Promissory Note

Confessed Judgment Promissory Note With Personal Guarantee

Name: Confessed Judgment Promissory Note With Personal Guarantee
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Virginia Court Samples - Confession of Judgment - Sample Case 1

State:

Virginia

Control #:

VA-CC-011-02

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Description Confession Of Judgment Virginia

A02 Nonnegotiable Confessed Judgment Promissory Note

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A typical confession of judgment provision in a commercial contract (e.g., a promissory note) authorizes the creditor upon a default under the agreement to obtain a judgment for the amount owed without notice to the debtor(s) or guarantor(s), and allows the creditor to immediately execute on the judgment.

A 'confession of judgment' is a document signed by a borrower that waives the right to due process if a debt is unpaid. The term "confession of judgment" or consent decree, means that the signer confesses and accepts the judgment (the decision of the court).

The requirements are as follows:Notarized Affidavit of Defendant.Stating Sum for Which Judgment May be Entered.State County of Residence or Where Entry Authorized.State Facts Out of Which Debt Arose.Contingent liability.Entry of judgment.

Primary tabs. A confession of judgment is a legal device - usually a clause within a contract - in which a debtor agrees to allow a creditor, upon the nonoccurrence of a payment, to obtain a judgment against the debtor, often without advanced notice or a hearing.

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Both individuals and entities (i.e. A typical "confession of judgment" provision in a commercial contract (e.g.

Confessed Judgment Promissory Note With Personal Guarantee

Description Confession Of Judgment Virginia

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