1:35 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:

UCC, noun: (1) Uniform Commercial Code. A set of statutes governing the conduct of business, sales, warranties, negotiable instruments, loans secured by personal property and other commercial matters, which has been adopted with minor variations by all states except Louisiana. Lawsuit loan example: to protect its rights to the future cash proceeds of the plaintiff’s lawsuit, the lawsuit loan company has the right to file any necessary UCC financing statements. See lawsuit funding, lawsuit loan, Uniform Commercial Code, lawsuit cash advance and pre settlement funding.

Underwrite, verb: (1) to assume liability or take risk as a financial institution or an insurer. Lawsuit loan example: once a lawsuit loan company has received enough information from the plaintiff’s attorney, the lawsuit law company’s underwriter will determine if the lawsuit loan company is willing to underwrite the lawsuit loan. See lawsuit funding, lawsuit loan, liability, lawsuit cash advance and pre settlement funding.

Unethical, adjective: (1) not in accordance with the standards followed in a profession, particularly the legal profession. Pre settlement funding example: It is unethical for a plaintiff’s attorney to not follow the instructions of the plaintiff as it regards the plaintiff’s lawsuit, including if the plaintiff wants to plaintiff’s attorney to cooperate with a pre settlement funding company. See lawsuit loan, lawsuit cash advance, lawsuit funding, ethical 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.

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