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  1. #1
    Join Date
    Oct 2012
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    1

    Default How to Ensure Payment of a Confession of Judgment

    My question involves judgment recovery in the State of: New York

    I am currently the plaintiff in a negligence action. The defendants are an LLC and we have verbally agreed to a settlement whereby the defendants will sign a judgment of confession which will require them to make semi-annual payments to me for five years. Considering the many ways that the have tried to avoid paying me anything, and I mean many ways, I am concerned about being paid according to the terms confession of judgment. I am aware of my right to execute a judgment if the terms of the confession of judgment are not complied with but my fear is that the LLC will declare bankruptcy, for example, to avoid full payment. The LLC does own property so I would like to file a lis pendens on their property to ensure full payment of the settlement amount, which is quite large. I understand that they would, at least in effect, have to fraudulently transfer the property, maybe even to another LLC, and, if they do, I would be able to go after them for engaging in fraud to avoid paying the debt. But I really want this over and done with once the settlement occurs. So my question is: In New York, may I file a lis pendens on property if I have only a confession of judgment, but not an actual judgment itself, so that if they miss payments to me I can get my money owed from their property that I've filed the lis pendens on?

  2. #2
    Join Date
    Sep 2005
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    Behind a Desk
    Posts
    98,846

    Default Re: How to Ensure Payment of a Confession of Judgment

    If there is no litigation pending, lis pendens is not appropriate.

    If you want them to allow you to secure your judgment against their assets, negotiate that as part of the settlements, then perfect liens and security interests as necessary.

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