A Suffolk New York Promissory Note with Confessed Judgment Provisions is a legal document that outlines the terms and conditions of a loan agreement between a lender and a borrower in Suffolk County, New York. This type of promissory note includes a Confessed Judgment clause, which grants the lender the power to obtain a judgment against the borrower in the event of default without going through lengthy court proceedings. In Suffolk County, there are various types of Promissory Notes with Confessed Judgment Provisions available to cater to different lending situations. Some common types may include: 1. Secured Promissory Note with Confessed Judgment: This type of promissory note involves collateral being pledged by the borrower to secure the loan. In case of default, the lender can not only exercise the confessed judgment provision but can also seize and sell the pledged asset to recover the outstanding debt. 2. Unsecured Promissory Note with Confessed Judgment: Unlike the secured version, this type of promissory note does not require any collateral. Therefore, if the borrower defaults on payments, the lender can solely rely on the confessed judgment provision to initiate legal action and collect the outstanding amount. 3. Installment Promissory Note with Confessed Judgment: This promissory note structure allows for the repayment of the loan in regular installments, typically including both principal and interest. The confessed judgment provision remains valid throughout the repayment period, protecting the lender's rights in case of default at any stage. 4. Balloon Promissory Note with Confessed Judgment: In this type of note, the borrower agrees to make smaller periodic payments over the loan term, with a significantly larger payment (the balloon payment) due at the end. The inclusion of a confessed judgment provision ensures the lender has the necessary legal recourse to collect the remaining balance promptly, should the borrower fail to make the balloon payment. When drafting a Suffolk New York Promissory Note with Confessed Judgment Provisions, it is crucial to consult with a legal professional well-versed in New York's laws and regulations. They can provide guidance on tailoring the document to meet specific lending requirements and ensure compliance with local legal standards.
Suffolk New York Promissory Note with Confessed Judgment Provisions
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New York law has long permitted a creditor to obtain a money judgment against a debtor by simply filing a confession of judgment an affidavit signed by the debtor with a county clerk within the state. The use of confessions of judgment is governed by CPLR 3218.
A confession of judgment (COJ) in New York is a way for a party to obtain a judgment without the need to bring a lawsuit. It is a document in the form of an affidavit by the party confessing judgment. Both individuals and entities (i.e., such as corporations and LLCs) can confess judgment.
A confession of judgment is basically a contract provision which allows a creditor to enter a judgment against a debtor without the need to file a complaint or to conduct a trial.
What Is a Promissory Note? A promissory note is a debt instrument that contains a written promise by one party (the note's issuer or maker) to pay another party (the note's payee) a definite sum of money, either on-demand or at a specified future date.
(a) For present or future liability. A judgment by confession may be entered without action at any time in accordance with the procedure prescribed by this rule. Such judgment may be for money due or for money that may become due.
About Confessed Judgments A confessed judgment clause allows a creditor's attorney to file an affidavit with the lawsuit and effectively confess, on behalf of the debtor, that the judgment is owed. If filed correctly, the Court can immediately enter judgment against a debtor.
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).
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.
While Massachusetts no longer recognizes confession of judgment clauses in promissory notes, Virginia as indicated does recognize and enforce such clauses.
A Virginia confession of judgment is an extraordinary remedy that allows banks to short circuit the court process and immediately get a judgment in the event of a default. A skilled lender liability lawyer can often attack the confession on procedural grounds.
