Legal Opinion
Virgin Islands National Bank v. Tropical Ventures, Inc.
District Court, Virgin Islands
Decided March 23, 1973No. Civ. No. 6581972PublishedCited by 9 opinions
1Opinion of the CourtYoung, Judge
MEMORANDUM OPINION AND ORDER
This case has brought into question the constitutional permissibility of confession judgments, at least insofar as they are used as security for repayment of a loan. As the device is generally practiced, the debtor signs an irrevocable power of attorney at the time he receives his loan. This authorizes any lawyer to appear on his behalf and confess a judgment against him if he falls behind on his schedule of repayments. The judgment is usually for the remaining principal amount, accrued interest, and an attorney’s fee; and the lawyer entering it is, of course,…
2Cases cited17 opinions
- Johnson v. ZerbstSupreme Court of the United States · 1938
- Goldberg v. KellySupreme Court of the United States · 1970
- Fuentes v. ShevinSupreme Court of the United States · 1972
- Illinois v. AllenSupreme Court of the United States · 1970
- Joint Anti-Fascist Refugee Committee v. McGrathSupreme Court of the United States · 1951
12 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Isbell v. County of SonomaCalifornia Supreme Court · 1978
- In Re SoudersUnited States Bankruptcy Court, E.D. Pennsylvania · 1987
- Billingsley v. Lincoln National BankCourt of Appeals of Maryland · 1974
- In Re PCH AssociatesUnited States Bankruptcy Court, S.D. New York · 1990
- Hernandez v. CasillasDistrict Court, S.D. Texas · 1981
4 more not listed; retrieve them via the Exa API.