TeachMeFinance.com - explain confession of judgment
confession of judgment -- a clause in a loan contract providing that the borrower waives the right to be notified and the right to be heard in court if the lender brings suit and obtains a judgment against the borrower in the event of a default. This credit practice was prohibited by regulation in 1985.
Confession of judgment -- Said when the debtor admits the
debt and concurs in the obtaining of a judgment against him.
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