Professor Stephen Yeazell describes the cognovit note as "the
the cognovit note in Overmyer, (257) it held that the Constitutional
at 176 ("The cognovit is the ancient legal device by which the
The ability of contracting parties to preclude factfinding by agreeing to confession of judgments (or cognovit
notes) is well established.
Terms of the sale provided for a combined price of $9,880,000, payable with cash of $750,000 at Closing, assumption of mortgages (approximately $6,100,000) and the issuance of cognovit
promissory notes by the Buyer for the balance.
Quia Laurenzius filius Francisci Barthonis Crassi de Villeplacta denuntiatus et accusatus extitit coram nobis a Morbiduccia filia quondam Petri Bonomi de Castro Orbetano quia anno preterito et de mense octobris dictus Laurentius subduxit eam et decepit et extraxit eam de domo fratris dicte Morbiduccie in qua ipsa habitabat, posita in dicto castro et eam duxit apud castrum plebis dicendo eidem quod volebat eam in uxorem et eam invadiaret et eam cognovit
carnaliter nec eam invadiavit immo eam subduxit et decepit.
These include 61,380 Class B Preferred Shares, 2,970,000 Class A Preferred Shares, 2,610,000 Series A Sub-Ordinated Debentures, and a $500,000 Cognovit
Note and Judgment, held by the bank.
In exchange for the cash payment, HNB will surrender to the company 61,380 shares of the company's Class B preferred stock (convertible to 1,227,600 common shares), 2,970,000 shares of the company's Class A preferred stock, 2,610,000 Series A subordinated debentures, and a Cognovit
Note and Judgment in the amount of $500,000, held by the bank.
In exchange for payment of the $750,000, the Huntington National Bank will surrender to QPI all of its interest in 68,2000 shares of Class "B" Preferred Stock convertible to 1,364,000 Common Shares, 3,300,000 Class "A" Preferred Shares, $2,900,000 Series "A" Subordinated Debentures, and a Cognovit
Note and Judgement in the principal amount of $500,000 presently held by the bank.
In exchange for a cash payment of $750,000, Huntington National Bank will surrender to the company all of Huntington's interest in 68,200 shares of Class "B" Preferred Stock convertible to 1,364,000 Common Shares, 3,300,000 Class "A" Preferred Shares, 2,900,000 Series "A" Subordinated Debentures, and a Cognovit
Note and Judgement in principal amount of $500,000, held by the bank.