Definition of "Cognovit clause"

Xena Vallone real estate agent
Xena Vallone, Real Estate Agent Xena Vallone Realty

Provision in a loan agreement where a debtor authorizes a judgment against him in the event of a default. These agreements are widely restricted, but when they are lawful, the creditor is empowered to appear in court and enter judgment against the debtor.

 

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