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A promissory note which contains a provision by which the borrower agrees to let the lender, without notice to the borrower or guarantor, file an answer on behalf of the borrower confessing judgment in favor of the lender, which then allows a court to issue a judgment immediately rather than through the normal, lengthier process of litigation.
Cognovit note (Wiktionary)
English
Noun
cognovit note (plural cognovit notes)
- A promissory note possessing a cognovit clause.
References
- Black's Law Dictionary 10th Edition (2014)
