Promissory notes that allow for a confession of judgment usually contain language such as the following:
A creditor who has the right to a judgment simply needs an actual confession of judgment signed by the debtor or any attorney.
19) In Plymouth County from 1724 to 1750, however, the median interval between the date of the agreement and the lawsuit in cases ending in confession of judgment
was over four years (1549.
In summary, the confession of judgment
procedure has the advantage of being fast, and because it is a variation of a lawsuit based on the note, it also has the advantage of resulting in a personal judgment.
Mid-Power filed the motion for temporary restraining order and preliminary injunction in an effort to preclude Davis from filing the Confession of Judgment
and executing on Mid-Power's assets, so that Mid-Power's liability under the note could be determined at a trial on Mid-Power's substantive allegations in its lawsuit against Davis.
Thus, in default and confession of judgment
cases, the entirety of the large fees associated with debt collection through the courts was paid by debtors.
According to the agreement, MSI has given to Shamrock, as security, a confession of judgment
in the amount of $1,250,000 to be entered only if certain unlikely events occur during the next twenty-two months.