Cognovit Promissory Note

DOCUMENT INFO
Description: A Cognovit Promissory Note documents a loan transaction but also allows the creditor to obtain a court judgment against the debtor without going to trial. In this template document the debtor agrees that in the event of a default of the loan obligations by the debtor, a judgment can be entered against the debtor without a trial. Only a few select states allow the use of this type of promissory note and state law should be consulted before using such an agreement. Some states that may allow the use of this type of promissory note are Ohio, Pennsylvania, Maryland, Virginia and Delaware.
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