1:21 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:

FELA, noun: (1) also Federal Employers’ Liability Act. Federal law imposing liability on railroads for injuries sustained by their employees in the course of employment. It is based upon the federal government’s power over interstate commerce. Lawsuit loan example: to receive a lawsuit loan for a FELA case, the plaintiff’s attorney will have to show the lawsuit loan company that the plaintiff got hurt while working on the railroad. See lawsuit loan, pre settlement funding, Federal Employers’ Liability Act, Jones Act, lawsuit funding and lawsuit cash advance.

Fiduciary, noun: (1) person having a duty, created by his or her understanding, to act primarily for the benefit of another in matter connected with the undertaking. A fiduciary is a person who holds a position of confidence, such as a lawyer. Lawsuit loan example: a plaintiff’s attorney is a fiduciary who has the responsibility to follow the wishes of his/her client as it concerns the plaintiff’s lawsuit, including helping the plaintiff receive a lawsuit loan. See lawsuit loan, lawsuit cash advance, attorney, pre settlement funding and lawsuit funding.

Finance Charge, noun: (1) any charge for borrowing money such as interest charges on a loan. Lawsuit loan example: a plaintiff does not have to pay back the finance charge of a lawsuit loan until the lawsuit resolves and there is enough cash to pay back the amount financed and the finance charge to the lender. See pre settlement funding, lawsuit funding, lawsuit loan, interest and lawsuit cash advance.

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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