1:30 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:

Payoff Amount, noun: (1) sum of cash to be transferred to a lender or other debt holder as the complete repayment and discharge of an obligation equal to the cash value of the debtor’s entire obligation. Lawsuit loan example: in a lawsuit loan, the payoff amount is equal to the sum of all interest and principal owed on the lawsuit loan and is paid usually in one payment on the payoff date. See lawsuit loan, lawsuit cash advance, payment, lawsuit funding and pre settlement funding.

Permanency, noun: (1) Injury to a person that will cause all or a portion of a person’s physical well being to be disabled indefinitely. Lawsuit loan example: if a plaintiff wants to receive a lawsuit loan for a worker comp case, the plaintiff’s attorney will have to show the lawsuit loan company that the plaintiff has suffered a degree of permanency. See lawsuit loan, lawsuit cash advance, worker comp, lawsuit funding and pre settlement funding.

Permitted Lien, noun: (1) legal claim against the future proceeds of a lawsuit which is allowed in addition to the lien taken by the lender. Permitted liens are typically the attorney’s lien on the case for his/her fee, any properly perfected any properly perfected medical liens arising out of the injury or other condition that is the subject of the action and any other lien or assignment specified in the loan contract. Lawsuit loan example: once a plaintiff receives a lawsuit loan from a lawsuit loan company, the plaintiff cannot apply for another lawsuit loan from a new lawsuit loan company because it is not a permitted lien under the original lawsuit loan contract. See lawsuit cash advance, pre settlement funding, lawsuit funding and lawsuit loan.

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.

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