Methods of exchanging an obligation

CAFC
  • US 6,912,510 B1
  • Filed: 05/09/2000
  • Issued: 06/28/2005
  • Est. Priority Date: 05/29/1992
  • Status: Expired due to Fees
First Claim
Patent Images

1. A method of exchanging an obligation between parties, wherein an exchange obligation is administered by a supervisory institution, and wherein at least one credit record and one debit record is maintained with an exchange institution, the method comprising:

  • (a) maintaining a shadow credit record and a shadow debit record for a party to be held independently by the supervisory institution from the exchange institution;

    (b) for every transaction resulting in an exchange obligation, the supervisory institution electronically adjusting said shadow credit record and/or shadow debit record, allowing only those transactions that do not result in a value of said shadow debit record being less than a value of said shadow credit record; and

    (c) at the end of a period of time, the supervisory institution providing an instruction to the exchange institution to credit and/or debit in accordance with said adjustments of said allowed transactions, wherein said instruction being an irrevocable, time invariant obligation placed on the exchange institution.

View all claims
    ×
    ×

    Thank you for your feedback

    ×
    ×