SYSTEM AND METHOD FOR IDENTIFYING, LOCATING AND RECOVERING COLLATERALIZED ASSETS

• US 20130066757A1
• Filed: 04/18/2012
• Published: 03/14/2013
• Est. Priority Date: 09/08/2011
• Status: Abandoned Application

• Current Assignee: Louis Paul LeRoux, II, Robert R. Lovelace
• Original Assignee: Louis Paul LeRoux, II
• Inventors: Lovelace, Robert R., LeRoux, Louis Paul II
• Application Number:
  US13/450,406
• Publication Number:
  US 20130066757A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 10/0838 Historical data
• CPC Class Codes: G06Q 10/087 Inventory or stock management, e.g. order filling, procurement or balancing against orders

Abstract

A system and method for identifying, locating and recovering collateralized assets are provided.

Claims

1. A method for identifying, locating and recovering collateralized assets comprising:

populating a database with collateralized asset data extracted from collateralized asset recovery requests;

generating identification and location data on collateralized assets which are the subject of at least one of the recovery requests;

accessing the database remotely;

receiving asset identification and location data generated by an asset spotter;

comparing, on a processor, the collateralized asset identification and location data with collateralized asset data;

sending confirmation that the collateralized asset identification and location data is subject to at least one collateralized asset recovery request; and

initiating a collateralized asset recovery procedure.

2. The method of claim 1 wherein the accessing includes remotely logging in to a designated Internet website to access the database.

3. The method of claim 1 wherein the accessing includes remotely logging in to a designated Internet website with a wireless telecommunication device.

4. The method of claim 3, wherein the wireless telecommunication device includes a cellular telephone.

5. The method of claim 3, wherein the wireless telecommunication device includes an iPad.

6. The method of claim 1, further comprising storing the collateralized asset identification and location data collected by the asset spotter for future reference.

7. The method of claim 1, further comprising determining, on a processor, a finder'"'"'s fee to the asset spotter upon successful repossession of an identified and located collateralized asset.

8. The method of claim 7, further comprising assessing, on a processor, a recovery fee to a lender upon successful repossession of an identified and located collateralized asset.

9. The method of claim 1, wherein the collateralized asset identification and location data includes GPS location coordinates.

10. The method of claim 1, further comprising accessing the computerized system with a data stream of collateralized asset identification data via an automatic license plate recognition camera.

11. The method of claim 1, wherein the initiating includes connecting the asset spotter to a recovery agent or lender seeking to recover the collateralized asset.

12. The method of claim 1, wherein the accessing includes searching the database for a collateralized asset based on vehicle identification number.

13. The method of claim 1, wherein the accessing includes searching the database for a collateralized asset based on a license plate number.

14. The method of claim 1, wherein the accessing includes searching the database for a collateralized asset based on a vessel registration number.

15. The method of claim 1, wherein the accessing includes searching the database for a collateralized asset based on an aircraft registration number.

16. The method of claim 1, wherein the accessing includes searching the database for a collateralized asset by way of a radius search based on a designated geographic location.

17. A system for identifying, locating and recovering collateralized assets comprising:

a database populated with collateralized asset data extracted from collateralized asset recovery requests;

an interface device configured to generate identification and location data on collateralized assets which are the subject of at least one of the recovery requests, the interface device being further configured to access the database remotely; and

a network manager device for receiving asset identification and location data generated by the interface device, the network manager device being configured to compare, on a processor, the collateralized asset identification and location data with collateralized asset data and to send confirmation that the collateralized asset identification and location data is subject to at least one collateralized asset recovery request to the interface device.

18. The system of claim 17, further comprising an application provider device for connection with the interface device.

19. The system of claim 17, wherein the interface device accesses the database by remotely logging in to a designated Internet website hosted by the network manager device.

20. The system of claim 17, wherein the interface device includes a wireless telecommunication device.

21. The system of claim 20, wherein the wireless telecommunication device includes a cellular telephone.

22. The system of claim 20, wherein the wireless telecommunication device includes an iPad.

23. The system of claim 17, wherein the network manager device is further configured to determine a finder'"'"'s fee to the asset spotter upon successful repossession of an identified and located collateralized asset.

24. The system of claim 23, wherein the network manager device is further configured to assess a recovery fee to a lender upon successful repossession of an identified and located collateralized asset.

25. The system of claim 17, wherein the collateralized asset identification and location data includes GPS location coordinates.

26. The system of claim 17, wherein the interface device includes an automatic license plate recognition camera.

27. A method for identifying, locating and recovering collateralized assets comprising:

populating a database with collateralized asset data extracted from collateralized asset recovery requests;

receiving asset identifying information on an asset generated by an asset spotter, the asset identifying information being one or more of vehicle identification number, license plate number, vessel registration number and aircraft registration number;

comparing, on a processor, the identifying information with collateralized asset data; and

sending confirmation that the asset is subject to a collateralized asset recovery request.