cognovit note

Definition of "cognovit note"
  1. A type of document in which the person who owes money admits the debt and allows the court to make a decision against them without any notification or judicial hearing. This document encompasses an admission of legal obligation
How to use "cognovit note" in a sentence
  1. The borrower signed a cognovit note promising to repay the loan, acknowledging the lender's right to pursue legal judgment without additional notice in case of non-payment.
  2. Due to his desperate financial situation, the debtor agreed to execute a cognovit note, effectively waiving his rights to future court hearings.
  3. In the loan agreement, the lender required the borrower to issue a cognovit note which would streamline the debt collection process if necessary.

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