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Definitions from the Web

Cognovit Note Form

Definition:

The cognovit note form is a legal contract that allows a debtor to grant a creditor the power to obtain a judgment against them without notice or trial, in case of a default.

Senses:

1. Noun:

1. A written agreement signed by a debtor, legally empowering the creditor to obtain a judgment if the debtor fails to fulfill their obligations.

2. Noun:

2. A specific legal document that serves as a confession of judgment from the debtor, commonly used in commercial transactions.

Sample Sentences:

1. Noun sense 1:

John signed a cognovit note form, granting the lender the authority to seize his assets if he missed three consecutive loan payments.

2. Noun sense 2:

The plaintiff presented the judge with a cognovit note form as evidence of the defendant's agreement to a confession of judgment.

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