A statement in writing shall be made, signed by the defendant and verified by his or her oath, to the following effect:

     (1) It shall authorize the entry of judgment for a specified sum.

     (2) If it be for money due or to become due, it shall state concisely the facts out of which the indebtedness arose, and shall show that the sum confessed to be due, is justly due or to become due.

     (3) If it be for the purpose of securing the plaintiff against a contingent liability, it shall state concisely the facts constituting the liability, and show that the sum confessed therefor does not exceed the same.

[2011 c 336 § 113; Code 1881 § 296; 1877 p 61 § 300; 1869 p 73 § 298; RRS § 418.]