§ 34-6-2-22 Cognovit note

Codes > Indiana Code > Title 34 > Article 6 : Chapter 2 > 34-6-2-22 Cognovit

34-6-2-22 “Cognovit note”

    Sec. 22. “Cognovit note”, for purposes of IC 34-54-4, means a negotiable instrument or other written contract to pay money that contains a provision or stipulation:

    (1) giving to any person a power of attorney, or authority as attorney, for the maker, endorser, assignor, or other person liable on the negotiable instrument or contract, and in the name of the maker, endorser, assignor, or other obligor:

        (A) to appear in any court, whether of record or inferior; or

        (B) to waive personal service of process; in any action to enforce payment of money or any part of the money claimed to be due;

    (2) authorizing or purporting to authorize an attorney, agent, or other representative, however designated, to confess judgment on the instrument for a sum of money when the sum is to be ascertained, or the judgment is to be rendered or entered otherwise than by action of court upon a hearing after personal service upon the debtor, whether with or without attorney's fee; or

    (3) authorizing or purporting to authorize an attorney, agent, or representative to:

        A) release errors or the right of appeal from any judgment; or

        (B) consent to the issuance of execution on the judgment.