2 . Liebman also executed an agreement for the express benefit of each transferee or holder of each Note, and a non-negotiable note providing for the payment of additional interest on the principal amount of each Note. 3 . A "cognovit note" is defined as, "An extraordinary note which authorizes an attorney to confess judgment against person or persons signing it. It is written authority of a debtor and a direction by him for entry of judgment against him if obligation set forth in note is not paid when due.” Black’s Law Dictionary 236 (5th ed. 1979). 4 . The Court notes that to the extent that the holding of Atlas was based on a due process violation, it may be of questionable viability in light of D.H. Overmyer Co., Inc. v. Frick Co., 405 U.S. 174, 92 S.Ct. 775, 31 L.Ed.2d 124 (1972)
holding that a cognovit clause which provided for judgment without notice or hearing was not unconstitutional per se because due process rights are subject to waiver holding that such any and all language is per se unconstitutional for lack of particularity holding a judgment in the absence of notice violates due process rights holding that where there is no unequal bargaining power or overreaching debtors can voluntarily intelligently and knowingly waive due process rights by signing a cognovit note which is an agreement by which a debtor consents in advance to a holders obtaining a judgment without notice or hearing holding hearing in chambers was not per se a violation of due process