Law a written acknowledgment of a debt, esp. as contained in a note (cognovit note), by which the debtor authorizes that judgment be entered for the creditor without a trial if the debt is not paid when it becomes due
Origin of cognovitshort for Classical Latin cognovit actionem, literally , he has acknowledged the action
cognovit - Legal Definition
He has conceded. An acknowledgment of a debt or liability in the form of the debtor’s written consent to a judgment taken against the debtor by the creditor, if a particular event does or does not occur.