[JSL23]

Out of all the 2nd position guys/higher risk Lenders who (besides IOU/Quarterspot/1stMerchant) does not require a COJ nowadays?

[gail_waters]

damn, wide and i never realized how all the seconds except the A Paper ones, all require cojs

[Funder Mark]

Cresthill claims they dont, but I dont know personally.

[Lmonus]

CFG Uses a COJ 1/20 contracts we send out... Give us a shot.

Thank you,

Lior Monus
CFG Merchant Solutions
Direct: 516-319-5826
Lmonus@cfgms.com

[JSL23]

Sending you a message Lior

[mcaguru]

Vast majority of files get funded at MANTIS with NO COJ.

Also keep in mind:
we have launched a new Assembly Line Model on all files under 30,000K to rush an offer out the door with FEW FEW Stips and fund ASAP when contracts back in!!

[KM_Superior]

Superior does not require a COJ-

[tgabcmca]

Agreed, superior doesn't require one.

[Jstarr]

Check with the individual state laws, a large majority of these COJ's are UN-enforceable - I've seen several clients win cases where the client claimed that they were in dire need and signed under ( duress / coerced or influenced by acct exec.. ) etc.and it was thrown out and moved to civil...

[soscap]

Check with the individual state laws, a large majority of these COJ's are UN-enforceable - I've seen several clients win cases where the client claimed that they were in dire need and signed under ( duress / coerced or influenced by acct exec.. ) etc.and it was thrown out and moved to civil...

Can you provide an example of this.

[Yankeeman07]

Out of all the 2nd position guys/higher risk Lenders who (besides IOU/Quarterspot/1stMerchant) does not require a COJ nowadays?

Our Direct Funder does not require COJ
1st Position only (we will pay off other positions)
Most instances we will establish a Lock Box
Up to 250K to qualified merchants.

[Jstarr]

I cant provide exact details without client authorization, in which i wouldn't recommend him to put it out there. but you can research some case law pertaining to the COJ and you will see that some states will not accept it. here is a brief excerpt that may be helpful, but i would do some further research ---

In seven states the judgment note or so-called "cognovit instruments," containing a warrant to confess judgment against the debtor, is in common use.' The contract permits an action in debt, assumpsit or contract resulting in an immediate judgment without prior suit or service upon the debtor or maker of the instrument. Sometimes judgment may be confessed at or shortly after execution of the note as additional security for a loan or other extension of credit3 whether or not any money is then owing;4 more often the instrument permits the entry of judgment only after default.' In either case there has been a submission in advance to the jurisdiction of the court of rendition; often running to any court in the United States.' Ordinarily an attorney of the creditor's choosing enters his appearance pro forma for the debtor and confesses a judgment against him, which, for most purposes, is a final adjudication.7 Several jurisdictions absolutely prohibit the use of the judgment note, deeming any such contract stipulation void as against local public policy;8



Some jurisdictions prohibit the confession of judgment as a mat- ter of local practice. Frequently where statutes prohibit the confession of judg- ment, the courts regard it as a procedural device," which need not be herein further considered because it is generally agreed that the law of the place where the judgment is sought to be confessed should control the availability of judgment as a remedy. Such an interpretation does not prevent the local execution of cognovit instruments where judgment is to be confessed or per- formance made in other states which permit the practice; but merely precludes the exercise of the power to confess judgment within that state, no matter where executed."
Where there is a prohibition of the stipulation authorizing confession of judgment in the note, that involves the validity of the contract itself which must be determined by reference to the law which, for other purposes of con- tract validity, is regarded as proper at the forumY Thus the examination of such provisions entails an examination of the law of contracts in the conflict
of laws generally.

Can you provide an example of this.

[tgabcmca]

Bizfi does not either. Found that out a few minutes ago.

[WestCoastFunding]

I don't think ECG requires a COJ.

[FundingCzar]

Credibly does not require a COJ, they do a "Personal Guaranty of Performance" instead though. While they don't do 2nd's their box has gotten wider on somewhat subprime files.

[RickyR3712]

wait did credibly and bizfi start to do seconds ?