US 2003/0225680 A1 · Escrow management system

Abstract

A method and system (software) is described with features for sharing proceeds, from sales of mutually owned assets by auction services, held in escrow for multiple parties entitled to the proceeds. Further, other areas addressed by a preferred embodiment of the present invention include relating multiple independent escrows with a single case, control and management of the case (including all escrows, completion of the sale of assets through auction services and delivery of the assets to the buyer) by legal representatives representing the entitled parties, and permitting variable percentage sharing with different escrows for a case. Additional areas addressed by a preferred embodiment of the present invention include integrating closely with auction services to facilitate a smooth and efficient sale of assets, operating as an Internet-based service integrated with Internet-based auction services, and delivery of particular assets by selected brokers such as jewelry stores with public locations nationally.

Claims30

Dependent claims

1) An escrow system for percentage splitting of proceeds by at least one escrow service from at least one sale on behalf of at least one instructing entity among at least one entitled party comprising, in combination:

a) computer interface means for assisting at least one input of escrow information by at least one instructing entity;
b) computer interface means for assisting at least one input of at least one asset information by at least one instructing entity;
c) computer database means for storing such escrow information;
d) computer database means for storing such asset information;
e) computer processor means for sharing at least some such asset information with at least one auction service;
f) computer processor means for assisting receiving information about at least one buyer from such at least one auction service;
g) computer database means for storing information of such at least one buyer;
h) computer interface means for assisting at least one input of at least one payment from such at least one buyer;
i) computer processor means for assisting shipping such at least one asset to such at least one buyer;
j) computer processor means for calculating amounts due to such at least one auction service for at least one asset purchased;
k) computer processor means for calculating amounts due to such at least one escrow service for such at least one asset purchased;
and
l) computer processor means for calculating payment due to such at least one entitled party.

10 more elements

2) An escrow system for percentage splitting of proceeds by at least one escrow service from at least one sale on behalf of at least one instructing entity among at least one entitled party comprising, in combination:

a) at least one computer interface system structured and arranged to assist at least one input of escrow information by such at least one instructing entity;
b) at least one computer interface system structured and arranged to assist at least one input of asset information by such at least one instructing entity;
c) at least one database system structured and arranged to store such escrow information;
d) at least one database system structured and arranged to store such asset information;
e) at least one computer processor system structured and arranged to share at least some of such asset information with at least one auction service;
f) at least one computer processor system structured and arranged to receive buyer information about at least one buyer from such at least one auction service;
g) at least one database system structured and arranged to store such buyer information;
h) at least one computer interface system structured and arranged to assist at least one input of payment from such at least one buyer;
i) at least one computer processor system structured and arranged to ship at least one asset to such at least one buyer;
j) at least one computer processor system structured and arranged to calculate amounts due to such at least one auction service for at least one asset purchased;
k) at least one computer processor system structured and arranged to calculate amounts due to such at least one escrow service for such at least one asset purchased;
and
l) at least one computer processor system structured and arranged to calculate payment due to such at least one entitled party.

10 more elements

16) A computer software system for an escrow system for percentage splitting of proceeds by at least one escrow service from at least one sale on behalf of at least one instructing entity among at least one entitled party comprising, in combination, the steps of:

a) assisting at least one input of escrow information by at least one instructing entity;
b) assisting at least one input of at least one asset information by at least one instructing entity;
c) storing such escrow information;
d) storing such asset information;
e) sharing at least some such asset information with at least one auction service;
f) receiving information about at least one buyer from such at least one auction service;
g) storing information of such at least one buyer;
h) assisting at least one input of at least one payment from such at least one buyer;
i) shipping such at least one asset to such at least one buyer;
j) calculating amounts due to such at least one auction service for at least one asset purchased;
k) calculating amounts due to such at least one escrow service for such at least one asset purchased;
and
l) calculating payment due to such at least one entitled party.

10 more elements

25) An escrow system for percentage splitting of proceeds by at least one escrow service from at least one sale on behalf of at least one instructing entity among at least two entitled parties comprising, in combination, the steps of:

a) soliciting instructing entities to be authorized users of such escrow system;
b) inputting such at least one instructing entity authorized by at least one system administrator to use such escrow system;
c) inputting escrow information by such at least one instructing entity;
d) inputting information about at least one asset to be sold by such at least one instructing entity;
e) sending such asset information to at least one auction service;
f) receiving buyer information from such at least one auction service;
g) receiving at least one payment from such at least one buyer of such at least one asset;
h) shipping such at least one asset to such at least one buyer by such at least one shipping service;
i) paying at least one auction service fee from such at least one payment from such at least one buyer to such at least one auction service;
j) paying at least one escrow service fee from such at least one payment from such at least one buyer to such at least one escrow service;
and
k) paying at least one remainder of such at least one payment from such at least one buyer to such at least one instructing entity.

9 more elements

Dependencies are inferred from the claim text.

Escrow management system

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Escrow management system

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Abstract

Claims30