Terms Used In New Jersey Statutes 2A:16-9.1

  • certified mail: include private express carrier service, provided that the private express carrier service provides confirmation of mailing. See New Jersey Statutes 1:1-2
  • Contract: A legal written agreement that becomes binding when signed.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
  • Summons: Another word for subpoena used by the criminal justice system.
1. a. (1) No provider of business financing shall extend business financing to a concern in this State that contains a judgment by confession.

(2) No judgment shall be entered on warrant of attorney in any action on a bond or other instrument for the payment of money, except on motion after notice to the defendant served in lieu of summons in accordance with applicable court rules or by registered or certified mail.

b. A provision of any contract for business financing that provides for a judgment by confession that does not meet the requirements of subsection a. of this section shall be invalid and unenforceable against any concern.

c. As used in this section:

“Business financing” means a loan, line of credit, cash advance, factoring or asset-based transaction made for a business purpose.

“Concern” means any trade, business or professional entity conducted for profit, and includes, but is not limited to, individuals, partnerships, corporations, joint ventures, associations and cooperatives.

“Judgment by confession” means a written agreement that accepts liability and specifies damages in cases in which a concern is in violation of a business financing agreement.

L.2019, c.430, s.1.