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Simple English definitions for legal terms
statement of confession
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A quick definition of statement of confession:
A statement of confession is when someone agrees to a judgment being made against them based on a certain event, such as making a payment. It can also refer to a judgment taken against a debtor with their written consent. The paper on which the agreement is made is also called a statement of confession. It is also known as a confessed judgment, cognovit judgment, or warrant of confession.
A more thorough explanation:
A statement of confession is a legal document in which a person agrees to the entry of judgment upon the occurrence or nonoccurrence of an event, such as making a payment. It can also refer to a judgment taken against a debtor by the creditor, based on the debtor's written consent.
For example, if a person owes money to a creditor and agrees to make a payment by a certain date, they may sign a statement of confession agreeing that if they do not make the payment, a judgment can be entered against them. This allows the creditor to obtain a judgment without having to go through a lengthy court process.
Another example is if a debtor signs a written agreement allowing the creditor to obtain a judgment against them if they default on the loan. This is known as a confessed judgment or cognovit judgment.
Overall, a statement of confession is a legal tool that allows for the quick and efficient resolution of disputes between parties.