1:25 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:

Joint and Several, adjective: (1) refers to the sharing of rights and liabilities among a group of persons collectively and also individually. For example, if defendants in a lawsuit are jointly and severally responsible, all may be sued together or any one may be sued together or any one may be sued individually. Lawsuit loan example: if a husband and wife are both plaintiffs in a lawsuit and they both will benefit from a lawsuit loan, then both the husband and wife will have joint and several responsibility for the obligations under the lawsuit loan contract. See lawsuit loan, lawsuit cash advance, jointly and severally, pre settlement funding and lawsuit funding.

Jones Act, noun: (1) federal statute that gives a sailor who suffers a personal injury in the course of employment, or the personal representative of a sailor who dies as the result of a personal injury suffered in the course of employment, the right to sue for damages at law. A federal statute provides that all statutes modifying or extending the common law right or remedy in cases of personal injury to railway employees shall apply to sailors. Lawsuit loan example: to receive a lawsuit loan for a Jones Act case, the plaintiff’s attorney will have to show the lawsuit loan company that the plaintiff got hurt while working at sea. See lawsuit loan, lawsuit cash advance, Federal Employers’ Liability Act, FELA, pre settlement funding and lawsuit funding.

Junior Lien, noun: (1) a claim or debt that goes behind another claim or debt. Lawsuit loan example: in a lawsuit loan contract, the rights of the plaintiff’s attorney are senior to the rights of the lawsuit loan company, but the rights of the plaintiff are a junior lien compared to the rights of the lawsuit loan company. See lawsuit loan, lawsuit cash advance, subordinated, pre settlement funding and lawsuit 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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