One of the most oppressive tools available to commercial lenders is what is called a warrant of attorney. Most commercial loan documents contain a provision known as a warrant of attorney, which allows such lenders the ability to enter a judgment of record against their borrowers and guarantors, as the case may be, by simply filing a complaint alleging a default under the loan documents and then demanding a confessed judgment of an amount certain.
A recent ruling by the Superior Court of Pennsylvania in Dime Bank v. Andrews, 2015 PA Super 114 (May 8, 2015), illustrates what happens when a commercial lender obtains a confession of judgment after failing to strictly follow the terms and conditions of the loan documents.
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