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2012 SESSION

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HB 648 Judgment; payee, etc., may appoint substitute for any attorney-in-fact authorized to confess.

Introduced by: Gregory D. Habeeb | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Confession of judgment by a substitute attorney-in-fact. Allows a payee, obligee, or person otherwise entitled to payment under any note or bond to appoint a substitute for any attorney-in-fact authorized to confess judgment. The substitute attorney-in-fact must be specifically named in the instrument appointing the substitute attorney-in-fact, and the instrument must be recorded and indexed. If the note or bond does not provide notice informing the debtor that a substitute attorney-in-fact may be appointed, then, within 10 days after the instrument appointing the substitute attorney-in-fact is recorded, the person appointing the substitute shall send notice of the appointment to the debtor. This bill is identical to SB 416.

SUMMARY AS INTRODUCED:

Confession of judgment by a substitute attorney-in-fact.  Allows a substitute attorney-in-fact, pursuant to a power of attorney, to confess judgment. The bill requires that a designation of a substitute attorney-in-fact be duly executed and acknowledged and filed by the clerk with the confession of judgment.