confessed judgment

See: cognovit
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AAU refused to settle, so the airport authority confessed judgment in the amount of $35 million, and assigned its rights to the plaintiffs in return for a covenant not to execute the judgment directly against the authority.
In July 2007, Aramtel obtained a confessed judgment for $28,371,302 plus interest and costs in a related matter from the court.
2) When debtors did not default, they often confessed judgment against themselves, conceding responsibility for their debt.
22) When defendant debtors did appear, they often confessed judgment against themselves.
Legal historians interpret the rise in cases where debtors defaulted or confessed judgment as evidence of increased credit opportunities and economic advance.
This study principally focuses on default judgments--the central focus of the debt-recording interpretation--although it also examines the timing of litigation in those cases where defendants appeared in court and confessed judgment against themselves (only thirty-four of the entire sample).
Confessed judgments, when the borrower agrees up front to a default judgment, is another legal trend found among credit unions, DeVore said.
However, confessed judgments involve certain requirements and restrictions, including minimum font sizes, position of the document in the loan agreement and a requirement that it be notarized if included as part of a personal guaranty, according to some legal experts.
My interpretation--that confessed judgments and defaults in the first half of the eighteenth century primarily represented real defaults--implies an interval between debt execution and litigation beyond the term of the debt.
The plaintiffs then entered into a settlement agreement with the executive director, who confessed judgments for over $1 million.
1 /PRNewswire/ -- Alan Cohen, the Chapter 11 Trustee of Towers Financial Corporation, announced today that Steven Hoffenberg, the former Chairman and Chief Executive Officer of Towers Financial Corporation, has confessed judgments in the amount of $516.
Lenders should be aware that there are restrictions against using confessed judgments to execute against residential real estate (one to two units), and legal counsel should be consulted prior to pursuing this course of action.