February 2023 Although Senate Bill 688 did not receive much attention, this new California law effective January 1, 2023 takes away a creditor’s ability to secure a Confession of Judgment. Specifically, SB 688 amends Code of Civil Procedure section 1132(a) as follows, in pertinent part: (a) A judgment by confession is unenforceable and may not be entered in any superior court. The law does not apply retroactively and does not impact those confessions of judgment obtained or entered into before January 1, 2023. But the new law does have significant ramifications for credit professionals and financial executives that have […]
-
Feb17
A Fond Farewell to the Confession of Judgment in California
Posted by GibbsGiden Under Business and Commercial Law