System and method for collateralization of a commodity title

• US 20050187871A1
• Filed: 03/01/2005
• Published: 08/25/2005
• Est. Priority Date: 05/02/2002
• Status: Abandoned Application

• Current Assignee: ICE Futures U.S., Inc. (Intercontinental Exchange, Inc.)
• Original Assignee: ICE Futures U.S., Inc. (Intercontinental Exchange, Inc.)
• Inventors: Fisher, Paul J., Yeung, Nancy
• Application Number:
  US11/069,903
• Publication Number:
  US 20050187871A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 10/00 Administration; Management
• CPC Class Codes: G06Q 10/08 Logistics, e.g. warehousing, loading or distribution; Inventory or stock management
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems

Abstract

The invention relates to a method for electronically furthering the commodity operations for a particular unit of a commodity on a distributed computer network such that a data record indicating the identity of the electronic title holder can be securely updated by actors in the commodity exchange, or automatically by the system. In addition, the present invention relates to a method for securely indicating the collateralized status of a commodity, while simultaneously facilitating the transfer of the commodity from a first party to a third party such that the collateralization of the commodity is not jeopardized.

Claims

1. A computer-implemented method for furthering commodity operations operative on computers connected in a distributed manner by a network, with at least one computer on the network including a database accessible to other computers on the network, comprising the programmatically executed steps under control of at least one computer on the network of:

building at least one data record in the database which tracks a series of transactions for a particular unit of a commodity;

partitioning the data record into a plurality of data fields;

populating at least one data field of the database with an indication of an identity of a title holder of the commodity;

transmitting over the network, to a financial institution, the title holder indication data field;

indicating in a data field of the database that financing of the commodity has occurred;

wherein the indicating step cause the identity of the title holder to be updated to the financial institution providing the financing of the commodity.

2. The method as in claim 1, further comprising the steps of:

populating a data field with an indication that a Notice of Assignment has issued for the particular unit of the commodity.

3. The method as in claim 1, further comprising the steps of:

populating a data field with an indication that a Trust Receipt has issued for the particular unit of the commodity.

4. The method as in claim 1, further comprising the steps of:

populating a data field with an indication that a Bank Release has issued for the particular unit of the commodity.

5. The method as in claim 1, further comprising the steps of:

populating other data fields with a plurality of electronic documents associated with the proposed movement of the particular unit of the commodity;

providing an access system to each data record which limits access according to the data stored in each data field;

granting access to multiple users according to a set of permissions associated with each individual user; and

permitting alteration of data in the data fields of the data record in accordance with the set of permissions granted to the individual user.

providing an access system to each data record which limits access according to the data stored in each data field;

granting access to multiple users according to a set of permissions associated with each individual user; and

permitting alteration of data in the data fields of the data record in accordance with the set of permissions granted to the individual user.

6. The method as in claim 1, further comprising the steps of:

associating a data entry form with each populated data field, wherein the data entry form includes a GUI input template for one or more associated data fields;

displaying at a terminal connected to the network having GUI capabilities the data entry form;

verifying the set of permissions associated with the individual user; and

uploading any edited material in the displayed data entry form to the associated data fields if the set of permissions associated with the user grants the user permission to edit such material in the display data entry form.

7. The method as in claim 5 wherein the granting step further comprises:

granting a first user a first set of permissions; and

granting a second user a second set of permissions;

wherein the first and second set of permissions are different for the first and second users.

8. The method as in claim 5 wherein the granting step further comprises:

granting a first user a first set of permissions; and

granting a second user a second set of permissions;

wherein the first and second set of permissions are the same.

9. The method as in claim 1, wherein the partitioning step is performed simultaneously with the building step.

10. The method as in claim 6, wherein the data entry form is selected from the group consisting essentially of:

warehouse receipt;

delivery order;

sampling order;

weight notes;

ocean bill of lading;

waybill;

customs entry;

insurance declaration;

shippers invoice;

simple invoice;

contract;

price fix letter;

destination declaration; and

shipping advice.

11. The method as in claim 1, wherein the network is at least one of a web-based internet system, WAN, LAN, and an intranet based system.

12. The method as in claim 1, wherein the programmatically executed steps provide a subscription service to members of a trade;

and wherein said at least one computer is operated by a party which is neutral among the members.

13. The method as in claim 1, wherein the updating step is preceded by the step of matching the indicium received from the first government agency to the populated data fields of the electronic delivery order document.

14. The method as in claim 5, wherein the granting step grants a group of users access to the same data fields in the electronic delivery order document while limiting access to portions of the electronic delivery order document based on the set of permissions associated with an individual user in the group.

15. The method as in claim 5, wherein the granting step further comprises the step of creating the set of permissions according to the role an individual user has in the series of transactions for the particular unit of the commodity.

16. The method as in claim 5 wherein the electronic documents are selected from the group consisting essentially of:

warehouse receipt;

delivery order;

sampling order;

weight notes;

ocean bill of lading;

waybill;

customs entry;

insurance declaration;

shippers invoice;

simple invoice;

contract;

price fix letter;

destination declaration;

FDA release; and

shipping advice.

17. The method as in claim 5, wherein the granting step grants access to multiple users selected from the group consisting essentially of:

exporter;

importer;

custom broker;

U.S. Customs;

financial institution;

roaster;

ocean carrier;

overland common carrier;

insurance company;

warehouse;

sampler; and

certified weigher.

18. The method as in claim 5, further comprising the step of displaying at a terminal the electronic documents stored in the data record fields, wherein the electronic documents are selected from the group consisting essentially of:

warehouse receipt;

delivery order;

sampling order;

weight notes;

ocean bill of lading;

waybill;

customs entry;

insurance declaration;

shippers invoice;

simple invoice;

contract;

price fix letter;

destination declaration;

FDA release; and

shipping advice.

20. The method as in claim 5, further comprising the steps of:

receiving through the network information pertaining to a Sampling Order for the particular unit of the commodity;

populating the electronic delivery order document with the information from the Sampling Order; and

preventing occurrence of the executing step prior to receiving the information.

21. A method as in claim 1, further comprising the steps of:

receiving through the network a second indicium contained in a second electronic release document, wherein the indicium conditions subsequent movement of the particular unit of the commodity upon completion of at least one criteria; and

prohibiting issuance of a subsequent delivery order document until after the second electronic release document is updated with information indicating compliance with said at least one criteria.

22. A method as in claim 21, wherein the criteria is selected from the group consisting essentially of:

adherence to financing arrangements;

adherence to contract terms; and

adherence to insurance obligations.

19. The method as in 1, further comprising the steps of:

receiving through the network an electronic Shipping Advice concerning a particular unit of a commodity;

populating one or more data fields with the electronic Shipping Advice;

electronically forwarding the information populated in said at least one or more data fields to a second government agency; and

receiving an indicium from the second government agency, wherein the indicium is advise of governmental compliance of the particular unit of the commodity.

23. A system for furthering commodity operations operative on computers connected in a distributed manner by a network which comprises:

a database configured to store a set of data records which track a series of transactions for a particular unit of a commodity; and

a host station having a program configured to;

parse the data records into a set of data fields; and

automatically populate the data fields with information which concerns an indication of the issuance of a Notice of Assignment, a Trust Receipt, and a Bank Release.