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Definitions from the Web

Cognovit Note

Description:

A cognovit note, also known as a cognovit judgment clause, is a legal instrument that allows the creditor to obtain a judgment against the debtor without having to go through a lengthy legal process. It is a written agreement that the debtor signs in advance, consenting to the creditor obtaining a judgment in case of default.

Senses:

1. Legal Sense:

In the legal sense, a cognovit note refers to a document signed by a debtor, empowering the creditor to enter a judgment against them in case of default.

Usages:

1. Legal Proceedings:

During legal proceedings, a creditor might use a cognovit note to expedite the process of obtaining a judgment against a debtor.

2. Loan Agreements:

Some loan agreements may include a cognovit note clause, enabling the lender to bypass legal procedures and directly obtain a judgment if the borrower defaults on the loan.

Sample Sentences:

1. The creditor presented the cognovit note in court, allowing for an immediate judgment against the debtor.

2. The loan agreement contained a cognovit note clause, giving the lender the authority to seek a judgment without going through a lengthy legal process.

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