SYSTEM AND METHOD FOR CREATING FRACTIONAL OWNERSHIP OF PHYSICAL GOODS

• US 20150019362A1
• Filed: 09/30/2014
• Published: 01/15/2015
• Est. Priority Date: 05/02/2012
• Status: Abandoned Application

• Current Assignee: Stephanie Yinman Chan
• Original Assignee: Stephanie Yinman Chan
• Inventors: Chan, Stephanie Yinman
• Application Number:
  US14/502,214
• Publication Number:
  US 20150019362A1
• Time in Patent Office: Days
• US Class Current: 705/26.2
• CPC Class Codes: G06F 17/18 for evaluating statistical data , e.g. average values, frequency distributions, probability functions, regression analysis forecasting specially adapted for a specific administrative, business or logistic context G06Q10/04
• CPC Class Codes: G06Q 30/0605 Supply or demand aggregation
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

The present invention generally relates to dividing ownership of indivisible assets. More specifically, the present invention discloses a system and method for dividing, recording, transferring, and verifying ownership of art, collections of art, artifacts, land marks and architecture, sports franchises, rare or collectible items, and other trophy assets which are otherwise physically indivisible. These assets are often too expensive to be owned by most individuals. Particularly with respect to museums and artwork, the system allows organizations to generate revenue from selling fractions of artwork to a plurality of owners while keeping physical possession and stewardship over the artwork.

Claims

1. A system for representing fractional ownership of tangible assets comprising:

a processor,

a memory, and

a title module,

wherein said processor, said memory, and said title module are communicatively connected and configured to;

receive identifying information of a single tangible asset;

receive identifying information of a first owner of said single tangible asset; and

create a data record comprising an asset identifier, one or more owner identifiers, and one or more fractions of ownership.

2. The system of claim 1 further configured to:

receive identifying information of an additional owner; and

create an additional data record comprising an additional owner identifier and an additional fraction of ownership.

3. The system of claim 2 wherein said data record is a master title and further comprises:

a master ID; and

one or more subordinate IDs, each subordinate ID being a reference to a subordinate title; and

wherein said additional data record is a subordinate title and further comprises a subordinate ID.

4. The system of claim 2 wherein said data record is a fractional title and further comprises a fractional ID;

and wherein said additional data record is a fractional title and further comprises;

a fractional ID; and

an additional asset identifier; and

wherein the asset identifier of said data record and the additional asset identifier of said additional data record are the same.

5. The system of claim 1 further configured to:

receive information corresponding to a buyer;

receive confirmation of a payment made to an owner; and

update system data representing ownership with a new fraction of ownership for one or more owners.

6. The system of claim 1 further comprising a ranking module configured to:

receive a value associated with a tangible asset with known value;

perform a statistical analysis to determine the portion of value attributable to various elements of a description of said tangible asset; and

generate a rank for another tangible asset with unknown value based at least in part on elements of the description in common with said tangible asset with known value.

7. The system of claim 6 further comprising an identification module configured to:

prevent double registration of a tangible asset; and

assign a unique identifier to said tangible asset.

8. The system of claim 7 further comprising an ownership verification module configured to check publicly available records to verify the ownership of said tangible asset.

9. The system of claim 8 further comprising an identity verification module configured to verify the identity of an owner of said tangible asset;

10. The system of claim 1 further comprising:

a communication means, and

a camera;

wherein said processor, said memory, said title module, said communication means, and said camera are communicatively connected and configured to;

receive a live image of said tangible asset and transmit said live image to a display element of an owner of a fraction of said tangible asset.

11. A method of recording and tracking fractional ownership of tangible assets comprising the steps of:

receiving identifying information of a single tangible asset;

receiving identifying information of a first owner of said single tangible asset; and

creating a data record comprising an asset identifier, one or more owner identifiers, and one or more fractions of ownership;

12. The method of claim 11 further comprising the steps of:

receiving identifying information of an additional owner; and

creating an additional data record comprising an additional owner identifier and an additional fraction of ownership.

13. The method of claim 12 further comprising:

assigning a master ID to said data record;

assigning a subordinate ID to said additional data record; and

referring, in said data record, to said subordinate ID.

14. The method of claim 12 further comprising:

assigning a fractional ID to said data record;

assigning a fractional ID to said additional data record; and

adding said asset identifier of said data record to said additional data record;

15. The method of claim 12 further comprising the steps of:

receiving information corresponding to a buyer;

receiving confirmation of a payment made to an owner; and

updating system data representing ownership with a new fraction of ownership for one or more owners.

16. The method of claim 12 further comprising the steps of:

receiving a value associated with a tangible asset with known value;

performing a statistical analysis to determine the portion of value attributable to various elements of a description of said tangible asset; and

generating a rank for another tangible asset with unknown value based at least in part on elements of the description in common with said tangible asset with known value.

17. The method of claim 16 further comprising the steps of:

preventing double registration of a tangible asset; and

assigning a unique identifier to said tangible asset.

18. The method of claim 17 further comprising the step of checking publicly available records to verify the ownership of said tangible asset.

19. The method of claim 18 further comprising the step of verifying the identity of an owner of said tangible asset.

20. The method of claim 19 further comprising the steps of:

receiving from a camera a live image of said tangible asset; and

transmitting said live image to a display element of an owner of a fraction of said tangible asset.