1:28 p.m. - 2006-03-07
Lawsuit Loan Dictionary/Definitions
Beacon Legal Finance has expanded our first of its kind lawsuit loan dictionary to help consumers better understand the technical aspects of lawsuit loans. In a lawsuit loan, a plaintiff receives a cash advance in exchange for paying a portion of the future cash proceeds of the plaintiff’s legal settlement. To understand this new type of consumer finance, plaintiffs need to be familiar with the terminology in both the legal and financial fields, but until now have been unable to find a single dictionary on the Internet that explained concepts and terms for both the law and finance. To make the growing litigation finance market more transparent, Beacon Legal Finance has developed and updated a free lawsuit loan dictionary as a service to the consumer. A plaintiff may access the lawsuit loan dictionary at the following link: http://www.legalfundingdictionary.com/

Here is a sample of the new terms added to the lawsuit loan dictionary:

Negligence, noun: (1) failure to exercise a degree of care that a person of ordinary prudence (a reasonable person) would exercise under the same circumstances. The term refers to conduct that falls below the standard established by law for the protection of others against unreasonable risk of harm. Lawsuit loan example: to receive a lawsuit loan for a negligence lawsuit, the plaintiff’s attorney will have to show the lawsuit loan company that the defendant exposed the plaintiff to an unreasonable risk of harm and that the plaintiff suffered from this harm. See lawsuit loan, lawsuit cash advance, general negligence, pre settlement funding and lawsuit funding.

Non-recourse, adjective: (1) without personal liability, responsibility or obligation. If a borrower has limited his/her obligation under a loan to a particular pledged asset, such as the future proceeds of a lawsuit, then his/her obligation under the loan is considered non-recourse because there is no personal obligation to the borrower. Lawsuit loan example: a lawsuit loan is considered a non-recourse obligation of the plaintiff because the lawsuit loan is paid back only from the future proceeds of the lawsuit and not from the personal assets of the plaintiff. See asset, lawsuit loan, lawsuit cash advance, contract, pre settlement funding and lawsuit funding.

Note, noun: (1) written paper that acknowledges a debt by a borrower and promises payment to a lender of a specified sum and describes a time of maturity that is either definite or will become definite. Lawsuit loan example: to receive a lawsuit loan, the plaintiff will have to sign a note that says he/she owes the lawsuit loan company a certain amount of money when the plaintiff’s lawsuit settles or resolves. See lawsuit loan, lawsuit cash advance, lawsuit funding, loan and pre settlement funding.

Beacon Legal Finance is a leader in the litigation finance industry. Beacon Legal Finance is an affiliate of Lawsuit Cash Advance and is found at www.beaconlegal.com. For questions about pre-settlement funding (also known as a lawsuit loan, lawsuit funding or lawsuit cash advance), call toll free 1-800-781-0777.

previous - next