A confessed Judgment Promissory note is, when two parties are legally agreeing to the terms listed in the note. If the borrower does not abide by the repayment terms and defaults on the loan, the creditor has the right to a complaint in confession of judgment against the borrower.
Basically, it's a clause in the promissory note, stating that if the borrower defaults on the loan, both parties agree that a Judgment in favor of the lender. should be entered by the court.
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