I owe a friend money , he is asking me to sign a confessional judgement. I s this o.k.? or is there another way for him to be secure the money with me and not use this confessional judgement.
1 Answer from Attorneys
You should never sign anything that obligates you to pay money to another without bringing the document to a lawyer for review. There is no such document as a "confessional judgment." There is a document called a "confession of judgment."
"Confession of judgment" is a legal document, a type of contract, in which a party agrees to let the other party enter a judgment against him or her. You are essentially contracting away his right to raise any legitimate defenses
That document is not one that I would recommend that any client sign. There are many other ways that are more appropriate to secure a debt obligation short of a confession of judgment.
Related Questions & Answers
What is the law position in the State of New York regarding a minor opening a bank... Asked 6/10/13, 8:40 am in United States New York Banking Law
Is there an online resource that gives me docket numbers on a case if i know the... Asked 3/03/13, 6:53 pm in United States New York Banking Law
I have not paid the mortgage for 14 months. I have not received any eviction notice... Asked 12/09/12, 3:04 pm in United States New York Banking Law
Plaintiff address 15 main street greenville s.c 29601 and defendant address is 7865... Asked 5/04/12, 3:53 pm in United States New York Banking Law
We live in NY State and my father passed away in January. My dad had two bank loans... Asked 3/01/12, 12:12 pm in United States New York Banking Law