Legal Definitions - narr-and-cognovit law

Definition: The narr-and-cognovit law is a legal agreement where a debtor admits to owing a debt and gives the creditor the power to obtain a judgment against them without a trial.

Example: John owes $10,000 to ABC Bank. He signs a narr-and-cognovit agreement, admitting to the debt and giving the bank the power to obtain a judgment against him without a trial if he fails to make payments.

This means that if John fails to make payments, the bank can go to court and get a judgment against him without having to go through a trial. The narr-and-cognovit law is often used in commercial transactions where the debtor is a business.