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What forms of notes are employed in commercial funding?
What forms of notes are employed in commercial funding? A cognovit note is really a promissory note in which a debtor authorizes the creditor, in the eventuality of a standard or breach, to confess the debtor’s default in court and permits the court to straight away issue a judgment contrary to the debtor. In the event that debtor defaults or breaches any of its loan responsibilities, the cognovit note .
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