cognovit note


Also found in: Legal.

cognovit note (kognō´vit),

n a written authority of a debtor granting entry of a judgment against the debtor if the amount set forth in the note is not paid by the debtor when due. A cognovit note sets aside every defense that the maker of the note may otherwise have had.
References in periodicals archive ?
Professor Stephen Yeazell describes the cognovit note as "the
the cognovit note in Overmyer, (257) it held that the Constitutional
In exchange for the cash payment, HNB will surrender to the company 61,380 shares of the company's Class B preferred stock (convertible to 1,227,600 common shares), 2,970,000 shares of the company's Class A preferred stock, 2,610,000 Series A subordinated debentures, and a Cognovit Note and Judgment in the amount of $500,000, held by the bank.
In exchange for payment of the $750,000, the Huntington National Bank will surrender to QPI all of its interest in 68,2000 shares of Class "B" Preferred Stock convertible to 1,364,000 Common Shares, 3,300,000 Class "A" Preferred Shares, $2,900,000 Series "A" Subordinated Debentures, and a Cognovit Note and Judgement in the principal amount of $500,000 presently held by the bank.
In exchange for a cash payment of $750,000, Huntington National Bank will surrender to the company all of Huntington's interest in 68,200 shares of Class "B" Preferred Stock convertible to 1,364,000 Common Shares, 3,300,000 Class "A" Preferred Shares, 2,900,000 Series "A" Subordinated Debentures, and a Cognovit Note and Judgement in principal amount of $500,000, held by the bank.