Systems for exchanging an obligation

  • US 7,149,720 B2
  • Filed: 12/31/2002
  • Issued: 12/12/2006
  • Est. Priority Date: 05/29/1992
  • Status: Expired due to Fees
First Claim
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1. A data processing system to enable the exchange of an obligation between parties, the system comprising:

  • a data storage unit having stored therein information about a shadow credit record and shadow debit record for a party, independent from a credit record and debit record maintained by an exchange institution; and

    a computer, coupled to said data storage unit, that is configured to (a) receive a transaction;

    (b) electronically adjust said shadow credit record and/or said shadow debit record in order to effect an exchange obligation arising from said transaction, 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) generate an instruction to said exchange institution at the end of a period of time to adjust said credit record and/or said debit record in accordance with the adjustment of said shadow credit record and/or said shadow debit record, wherein said instruction being an irrevocable, time invariant obligation placed on said exchange institution.

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