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US 2011/0213699 A1Published application
Consumer-Managed Escrow Accounts
OwnerTimothy P. Johnsoninventor
Life of this patent
Estimating the term…
Abstract
Disclosed is a method and system for a Consumer-Managed Escrow Account which provides for an account capable of serving as a repository of funds, held in trust, to be used on behalf of the consumer, which shall be disbursed at the consumer's discretion to a plurality of recipients based on the fulfillment of a condition, but from which the consumer has no direct means to access the funds for personal use.
Claims2
A method for creating a Consumer-Managed Escrow Account, the method comprising;
- creating one account wherein the consumer directs funds into said account and the account is independent and unassociated with any other account;
- and
- the funds of said account are held independent of funds of all other accounts;
- and
- issuing the account to the consumer;
- wherein;
- a) the consumer is able to fund the account through a plurality of sources and means;
- and
- b) the consumer is able to direct the disbursement of said funds through an escrow agent (“Custodial Agent”) to a plurality of recipients;
- and
- c) the consumer is able to disburse funds from the account through a plurality of processes and means;
- and
- d) the consumer is able to disburse funds to a plurality of recipients;
- and
- e) the consumer is not able to directly access the account or its funds for personal use.
12 more elements
A system for creating a Consumer-Managed Escrow Account (“Consumer-Managed Escrow Account”), the system comprising;
- creating one account wherein the consumer directs funds into said account and the account is independent and unassociated with any other account;
- and
- the funds of said account are held independent of funds of all other accounts;
- and
- issuing the account to the consumer;
- wherein;
- f) the consumer is able to fund the account through a plurality of sources and means;
- and
- g) the consumer is able to direct the disbursement of said funds through an escrow agent (“Custodial Agent”) to a plurality of recipients;
- and
- h) the consumer is able to disburse funds from the account through a plurality of processes and means;
- and
- i) the consumer is able to disburse funds to a plurality of recipients;
- and
- j) the consumer is not able to directly access the account or its funds for personal use.
12 more elements
Dependencies are inferred from the claim text.