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Simple English definitions for legal terms
cognovit judgment
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A quick definition of cognovit judgment:
A cognovit judgment is a type of court decision that happens when a debtor admits to owing money to a creditor. It is also known as a confession of judgment. This type of judgment allows the creditor to skip the usual legal process and immediately collect the money owed. It is important to be careful when signing a cognovit agreement, as it can have serious consequences and limit your legalA more thorough explanation:
A cognovit judgment is a type of judgment entered in accordance with a cognovit, which is a debtor's confession of judgment. It is a legal document in which the debtor agrees to the entry of a judgment against them