1:33 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:

Security Interest, noun: (1) right of the creditor to take all or part of a property offered as security or collateral for an obligation. Lawsuit loan example: in exchange for the plaintiff receiving cash upfront, the lawsuit loan company receives a security interest in the future cash proceeds of the plaintiff’s lawsuit. See lawsuit cash advance, lawsuit funding, collateral, pre settlement funding and lawsuit loan.

Seller, noun: (1) person who transfers something (and title to it) in return for money (or other thing of value) on terms agreed upon between purchaser and seller. Lawsuit loan example: in exchange for cash upfront, the plaintiff is the seller of a portion of the future cash proceeds of the plaintiff’s lawsuit. See pre settlement funding, lawsuit loan, cash proceeds, lawsuit cash advance and lawsuit funding.

Special Damages, noun: (1) damages claimed and/or awarded in a lawsuit which were out-of-pocket costs directly as the result of the breach of contract, negligence or other wrongful act by the defendant. Special damages can include medical bills, repairs and replacement of property, loss of wages and other damages which are not speculative or subjective. They are distinguished from general damages, in which there is no evidence of a specific dollar figure. Lawsuit loan example: for a plaintiff to receive a lawsuit loan, the plaintiff’s attorney will have to give the lawsuit loan company information on any special damages, including medical bills and lost wages. See lawsuit loan, lawsuit cash advance, damages, lawsuit funding 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