- Examples
If the debtor defaults or breaches any of its loan obligations, the cognovit note also typically provides that the debtor agrees to jurisdiction in certain courts, waives any notice requirements, and authorizes the entry of an adverse judgment. | Si el deudor no paga o infracciones alguna de sus obligaciones de préstamo, la nota cognovit también proporciona típicamente que el deudor se compromete a la jurisdicción de ciertos tribunales, renuncia a cualquier requisito de notificación, y autoriza la entrada de un fallo adverso. |
A cognovit note is a promissory note in which a debtor authorizes the creditor, in the event of a default or breach, to confess the debtor's default in court and allows the court to immediately issue a judgment against the debtor. | Una nota cognovit es un pagaré en el que el deudor autoriza al acreedor, en el caso de incumplimiento o violación, a confesar incumplimiento del deudor en el tribunal y permite que el tribunal emitirá de inmediato un juicio contra el deudor. |
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