01.01.2010 Recent Developments - Virginia Confessed Judgments
01. 2010Any financial institution relying on confession of judgment provisions as part of its loan document protocol should take notice of a recent decision out of the Fairfax Circuit Court, Superior Paving Corporation v. Bud & The Boyz Construction. In that case, the plaintiff confessed judgment against the defendant for an unpaid invoice from November 2008, relying upon the confession of judgment provision in a credit agreement between the two parties dating back to May 2005. Although the 2005 document contained the appropriate statutory language, the 2008 contract did not.
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