Any person against whom a cause of action exists may, without process, appear in person or by attorney, and confess judgment therefor in open court as follows:
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(a) A petition shall be filed and the justness of the debt or cause of action be sworn to by the person in whose favor the judgment is confessed.
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(b) If the judgment is confessed by attorney, the power of attorney shall be filed and its contents be recited in the judgment.
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(c) Every such judgment duly made shall operate as a release of all errors in the record thereof, but such judgment may be impeached for fraud or other equitable cause.