Patent ID: 7155409
Filing Date: 2006-12-26
Classification: G06Q

Abstract:
1. A trade finance method for financing the sale of a traded product supplied by a seller to a buyer physically removed from the seller, the method comprising: a) the buyer providing an event-activated, prerelease latent payment draft to the seller or the seller's agent prior to release of the traded product from the seller's control wherein the event-activated prerelease latent payment draft: b) the buyer executing a second payment draft, the second payment draft also satisfying the conditions of the first payment draft set forth in clauses a) i)–vi) hereinbefore, prior to receiving the traded product; and c) the seller releasing the traded product for delivery to the buyer subsequently to receiving the latent payment draft; wherein the first and second payment drafts are mutually extinguishable, each payment draft being designated as being payable if the other payment draft remains unpaid.