A confession of judgment is allowed in Minnesota when signed and verified by the debtor. However, a confession of judgment is not enforceable in the state of Minnesota in connection with a retail installment contract for the sale of a motor vehicle. Additionally, a confession of judgment obtained pursuant to a power of attorney clause contained in a consumer credit contract is unenforceable. A oneyear statute of limitations applies to confessions of judgment, and typically begins to run on the date of default.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified creditors rights lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local creditors rights attorney to discuss your specific legal situation.