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Simple English definitions for legal terms
narr-and-cognovit law
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A quick definition of narr-and-cognovit law:
Term: NARR-AND-COGNOVIT LAW
Definition: The narr-and-cognovit law is a legal term that means a person agrees to a judgment against them before a case even goes to trial. This means they admit to owing money or being at fault in a dispute. It is important to understand the consequences of agreeing to a narr-and-cognovit judgment, as it can have long-lasting effects on a person's finances and reputation.
A more thorough explanation:
Definition: The narr-and-cognovit law is a legal agreement where a debtor admits to owing a debt and gives the creditor the power to obtain a judgment against them without a trial.
Example: John owes $10,000 to ABC Bank. He signs a narr-and-cognovit agreement, admitting to the debt and giving the bank the power to obtain a judgment against him without a trial if he fails to make payments.
This means that if John fails to make payments, the bank can go to court and get a judgment against him without having to go through a trial. The narr-and-cognovit law is often used in commercial transactions where the debtor is a business.