Abstract: A data processing method and system for implementing a program to produce income from assets not normally income-producing, or to increase income from assets that already produce some income, is provided. According to the program, an interest-free mortgage is taken against the asset as security for a promissory obligation by a participant to pay a sum certain on his death. The promissory obligation becomes part of a fund which derives income through payment of such obligations as participants die, funding distributions to other participants still living. The data processing method and system of the invention determine eligibility, calculate distributions, monitor the value of the pledged assets with respect to the amounts against which they are pledged, and handle discharge of the obligations as participants die.
Type:
Grant
Filed:
December 14, 1990
Date of Patent:
January 21, 1992
Assignee:
Interforce, Ltd.
Inventors:
Hyman Gross, Melvin J. Hatcher, Jonathan R. P. Checkley