New York Gov. Andrew Cuomo. (AP Photo/Hans Pennink)
The bill was sent to the Legislature this year at the request of the state Office of Court Administration, which has seen an uptick in creditors using the state’s courts for that purpose.
August 30, 2019 at 01:55 PM
1 minute read
Gov. Andrew Cuomo approved legislation Friday that will limit the use in state courts of so-called confessions of judgment, which previously allowed creditors to both freeze and seize a borrower’s assets, without any litigation, by filing an affidavit in a New York state court.
The practice allowed creditors to file a judgment in New York to seize those funds, even if the borrower lived elsewhere.
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