Source: http://www.google.com/patents/US7340608?dq=6,064,942
Timestamp: 2015-04-01 13:30:33
Document Index: 687779698

Matched Legal Cases: ['arty 1', 'arty 2', 'arty 1', 'arty 1', 'arty 1', 'arty 1', 'arty 2', 'arty 2', 'arty 1', 'arty 1']

Patent US7340608 - System and method for creating, vaulting, transferring and controlling ... - Google PatentsSearch Images Maps Play YouTube News Gmail Drive More »Sign inAdvanced Patent SearchPatentsA system for securely vaulting, auditing, controlling and transferring electronic transferable records (TRs) with unique ownership, including at least one registry for registering the electronic transferable record with unique ownership in a TR registry record; at least one secure storage manager (SSM)...http://www.google.com/patents/US7340608?utm_source=gb-gplus-sharePatent US7340608 - System and method for creating, vaulting, transferring and controlling transferable electronic records with unique ownershipAdvanced Patent SearchPublication numberUS7340608 B2Publication typeGrantApplication numberUS 10/463,646Publication dateMar 4, 2008Filing dateJun 17, 2003Priority dateJun 17, 2002Fee statusPaidAlso published asCA2432573A1, CA2849152A1, DE60321426D1, EP1376311A2, EP1376311A3, EP1376311B1, US20040111619Publication number10463646, 463646, US 7340608 B2, US 7340608B2, US-B2-7340608, US7340608 B2, US7340608B2InventorsMichael Laurie, Robert Al-Jaar, Oleksiy SavchenkoOriginal AssigneeSilanis Technology Inc.Export CitationBiBTeX, EndNote, RefManPatent Citations (12), Referenced by (7), Classifications (17), Legal Events (2) External Links: USPTO, USPTO Assignment, EspacenetSystem and method for creating, vaulting, transferring and controlling transferable electronic records with unique ownership
The National Conference of Commissioners on Uniform State Laws (NCCUSL) revised UCC 9-105 to introduce the concept of an electronic chattel paper and to specify the legal requirements for having control over electronic chattel paper. The concept of having control over an electronic chattel paper is equivalent to the possession of a paper-based negotiable instrument under Article 3 of the UCC. However, since an electronic chattel paper is not �tangible� when compared to a paper chattel paper, UCC 9-105 imposes legal requirements to ensure that control can be asserted over a single �authoritative copy� of an electronic chattel paper. Since electronic records can be easily copied, UCC 9-105 established the legal foundation to ensure that the authoritative copy of an electronic chattel paper can be readily identified and that fraudulent copies cannot be easily transacted.
Note: The broad definition of record is intended to encompass any and all means of communicating or storing information including electronic records and �writings�. Electronic record means a record created, generated, sent, communicated, received, or stored by electronic means.
(a) In this section, �transferable record� means an electronic record that:
Title II�Transferable Records
a) DEFINITIONS.�For purposes of this section:
(1) TRANSFERABLE RECORD.�The term �transferable record� means an electronic record that�
(A) would be a note under Article 3 of the Uniform Commercial Code if the electronic record were in writing; (B) the issuer of the electronic record expressly has agreed is a transferable record; and (C) relates to a loan secured by real property. A transferable record may be executed using an electronic signature. (2) OTHER DEFINITIONS.�The terms �electronic record�, �electronic signature�, and �person� have the same meanings provided in section 106 of this Act. (b) CONTROL.�A person has control of a transferable record if a system employed for evidencing the transfer of interests in the transferable record reliably establishes that person as the person to which the transferable record was issued or transferred.
(c) CONDITIONS.�A system satisfies subsection (b), and a person is deemed to have control of a transferable record, if the transferable record is created, stored, and assigned in such a manner that
(A) the person to which the transferable record was issued; or (B) if the authoritative copy indicates that the transferable record has been transferred, the person to which the transferable record was most recently transferred; (3) the authoritative copy is communicated to and maintained by the person asserting control or its designated custodian; (4) copies or revisions that add or change an identified assignee of the authoritative copy can be made only with the consent of the person asserting control; (5) each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and (6) any revision of the authoritative copy is readily identifiable as authorized or unauthorized. (d) STATUS AS HOLDER.�Except as otherwise agreed, a person having control of a transferable record is the holder, as defined in section 1-201(20) of the Uniform Commercial Code, of the transferable record and has the same rights and defenses as a holder of an equivalent record or writing under the Uniform Commercial Code, including, if the applicable statutory requirements under section 3-302(a), 9-308, or revised section 9-330 of the Uniform Commercial Code are satisfied, the rights and defenses of a holder in due course or a purchaser, respectively. Delivery, possession, and endorsement are not required to obtain or exercise any of the rights under this subsection.
(e) OBLIGOR RIGHTS.�Except as otherwise agreed, an obligor under a transferable record has the same rights and defenses as an equivalent obligor under equivalent records or writings under the Uniform Commercial Code.
(f) PROOF OF CONTROL.�If requested by a person against which enforcement is sought, the person seeking to enforce the transferable record shall provide reasonable proof that the person is in control of the transferable record. Proof may include access to the authoritative copy of the transferable record and related business records sufficient to review the terms of the transferable record and to establish the identity of the person having control of the transferable record.
(g) UCC REFERENCES.�For purposes of this subsection, all references to the Uniform Commercial Code are to the Uniform Commercial Code as in effect in the jurisdiction the law of which governs the transferable record.
The central role that the term �authoritative copy� has in the three laws previously discussed and in the present invention warrants further discussion to ensure clarity. UCC 9-105 introduced the concept of an authoritative copy (AC) of electronic chattel paper (e-chattel). UETA Section 16 and E-SIGN Title II use the concept of the authoritative copy of the transferable record (TR). While none of these laws provided an explicit definition of the term �authoritative copy�, they all require that a single authoritative copy be distinguishable from all other copies that may exist. Furthermore, these laws define the notion of �control� over a TR or a TR to be the equivalent of �possession� of tangible chattel paper where the holder is the owner of, and has the rights embodied in, the TR or e-chattel. In other words, the concept of having control over a transferable record or an electronic chattel paper is equivalent to possession of a paper-based or a promissory note or chattel paper.
In the electronic world, copies of an electronic record are indistinguishable�either there is no �original� or all copies are originals. Therefore, the mere possession of a TR or a TR cannot and does not prove ownership. It is not possible to know how many copies of that TR or e-chattel have been made prior to this possession, nor how many will be made after this possession. Furthermore, these copies are likely to have different owners and ownership chains, resulting in incomplete, conflicting, and erroneous records of ownership. Secure measures and procedures must be in place to establish with certainty that having control over a single, unique, and identifiable authoritative copy of a TR or a TR is tantamount to ownership of the authoritative copy of that TR or e-chattel.
FIG. 2 depicts a generic, end-to-end loan process consisting of five stages: origination, closing, transfer, custody, and servicing. A system for obtaining and managing electronic signatures, such as the one commercialized by Silanis Technology Inc. under the name �Approvelt�1 Web Server�, hereinafter referred to as �AWS� is used in any of these five stages to obtain and manage electronic signatures and approvals.
In a typical transfer process, loan contracts are prepared for the borrower by the lender's systems. The borrower then electronically reviews and signs the e-contracts using the Approvelt� Web Server or any other appropriate software package. The resulting e-contracts are then transferred to the lender's repository for storage and further processing. At some later time, the lender may wish to �secure� (i.e. sell) the loan as part of a collection of loans. Preferably, all loans have been signed using the Approvelt� Web Server, and are now stored in the repository of the lender. Thus, the TRM can be used to convert these loan-documents into TRs and then transfer the ownership from the seller, who is presently the lender, to a buyer who is generally an investor. The buyer can then verify that the transfer has actually occurred by querying the TRM.
the �original�. The constituent
�wet ink on paper� is an
An example of a populated Transaction Descriptor XML structure, showing a transaction for a particular document, follows. It will of course be understood that the principles of the present invention can be met with another XML structure, or any other structure which meets the objectives of the present invention. In this example, Secured Party 1 assigns a TR represented by the document �test.pdf� to Secured Party 2.
- <transfer-transaction id=�transfer-transaction-5s2pWV/2jvS/KzFmIAYzJTE3IXs=�> - <trm2-signed-transfer-transaction id=�TRM2-transfer-transaction- 5s2pWV/2jvS/KzFmIAYzJTE3IXs=�> <trm2-timestamp>2003-01-23T10:18:02Z</trm2-timestamp> <trm2-timezone>0</trm2-timezone> - <assignee-representative-info> <name> Secured Party 1 AWS System</name> <uid> Secured Party 1AWS System</uid> <certificate>MIIB2zCCAUSgAwIBAgIIAgAAAAAAAAEwDQYJKoZIh vcNAQEFBQAwIjEgMB4GA1UEAxMXWERPWCBST09UIDogREVB TEVSVFJBQ0swHhcNMDMwMTA2MjIwNjU0WhcNMDQwMTA2MjI wNjU0WjAqMSgwJgYDVQQDEx9EZWFsZXJ0cmFjayBBV1MgU3Iz dGVtIChhY2NIc3MpMIGfMA0GCSqGSIb3DQEBAQUAA4GNADCBi QKBgQCyK5JgXzuhqfdE666LjSnWHbwDhdOHMbuytpL8enRhv6T isBVDK5FG4VErNRsb/PZbIwViPx+HsuOo19ABBbwi1XGId2UQq4 1kX+pAjYtZpPqcUzf2EZEups8K4Q/pwNsyJc1KGaaONfIKhHAS3B STiuMtzf7KPRoy3cgRK1wmeQIDAQABoxIwEDAOBgNVHQ8BAf8 EBAMCBsAwDQYJKoZIhvcNAQEFBQADgYEAFIuv/z00ZNMm56p 2un+jK71cy09UWBeTvh59B9nNrPbgR90oZrAI2R3659VPn8z7s245 XRYY6zH2kWWUKiYeRZ5r0ptEZbQSiWojCqFz2z9hTkzQYQ5ekCv 0NTNyvec4Qxf5kSoytwtkPo/EtreW5BJPZAA0WVJ5V8QJYbWZSP U=</certificate> </assignee-representative-info> - <assignee-signed-transfer-transaction id=�ASSIGNEE-transfer-transaction- 5s2pWV/2jvS/KzFmIAYzJTE3IXs=�> <assignee-timestamp>2003-01-23T10:18:00Z</assignee-timestamp> <assignee-timezone>0</assignee-timezone> - <assignor-signed-transfer-transaction id=�ASSIGNOR-transfer- transaction-5s2pWV/2jvS/KzFmIAYzJTE3IXs=�> <assignor-timestamp>2003-01-23T10:17:53Z</assignor-timestamp> <assignor-timezone>0</assignor-timezone> - <trm1-signed-transfer-transaction id=�TRM1-transfer-transaction- 5s2pWV/2jvS/KzFmIAYzJTE3IXs=�> <trm1-timezone>−1</trm1-timezone> <transaction-uid>transfer-transaction- 5s2pWV/2jvS/KzFmIAYzJTE3IXs=</transaction-uid> <type-of-transfer>1</type-of-transfer> <comment>transfer</comment> - <assignor-info> <name> Secured Party 1</name> <uid> Secured Party 1</uid> <certificate>MIIB0zCCATygAwIBAgIIAQAAAAAAA AMwDQYJKoZIhvcNAQEFBQAwIjEgMB4GA1UEA xMXWERPWCBST09UIDogREVBTEVSVFJBQ0swH hcNMDMwMTA2MjIwNjU3WhcNMDQwMTA2MjIwNj U3WjAiMSAwHgYDVQQDExdEZWFsZXJ0cmFjayA ob3duZXJzaGIwKTCBnzANBgkqhkiG9w0BAQEFA AOBjQAwgYkCgYEAyDMIZKRWyBjgNbKIbG+Q5A 6zSVLhjBfZSCgj3L5nKTNfgIW08Q/yoVZ58oEuCS/ eIGs2T9kUbupy4fHj2jtkeE8CnT0U6D9jqOBX6AnS puDEn+g+/nyqFv8ufNcqwtVuGoqsA2Lybb33fnxX OAYBoMbZM7Lgah176yXBKrWDuzcCAwEAAaMS MBAwDgYDVR0PAQH/BAQDAgbAMA0GCSqGSIb 3DQEBBQUAA4GBAEAfigGGP8jUzLERw9CCQHs +CuZ1wTcNVgPtUe0nIX0OIIy37IK/d5/zwt+oZ83I5p 2xrxCYhTaFoI3bk7WkqWK0N8LoPGQL3vmqniYLY 66M1Y5O1FFHOflsxI1st5IZxhjdxgcSesobdB9n91F eeIIwude7QX+PFmTsmbmI1Mrd</certificate> </assignor-info> - <assignee-info> <name> Secured Party 2</name> <uid> Secured Party 2</uid> <certificate>AIIB0zCCATygAwIBAgIIAQAAAAAAAA IwDQYJKoZIhvcNAQEFBQAwIjEgMB4GA1UEAxM XWERPWCBST09UIDogREVBTEVSVFJBQ0swHhc NMDMwMTA2MjIwNjU2WhcNMDQwMTA2MjIwNjU 2WjAiMSAwHgYDVQQDExdBbWVyaWNyZWRpdC Aob3duZXJzaGIwKTCBnzANBgkqhkiG9w0BAQEF AAOBjQAwgYkCgYEAqFqU1o5mITWoQY6euxhPY bjo4b8XfdKt8ZrunvHot+f8x4zqz7KrXvZGQ/qU402I yUnZqyY/ZfvB2u69LA0BHmDO/f2hW0NOhzsST0+ JaI8E7j1YQ3CV92UHPvpX8FQcBjLf3KNZSGXHYT 9u2jZIrJC9YZo5p7iNaiRQxrSFZDcCAwEAAaMSMB AwDgYDVR0PAQH/BAQDAgbAMA0GCSqGSIb3D QEBBQUAA4GBAJxDCegugvUE+Ev8uQJM3rw8xt U2ASm6zPSP7E+T9c9qJtIETfoWLur+1nxB10yK1S PQgTH5rX2iuhCkp5QRuTbY7C8vgaO/OIm8+KE24 aI1KghkiozPuz9eU/EWUHjM11C2O/tT5Ed7QF00B4 +ss3rBbxBNu0ptyXHBWzxYfpEa</certificate> </assignee-info> - <assignor-representative-info> <name> Secured Party 1AWS System</name> <uid> Secured Party 1AWS System</uid> <certificate>MIIB2zCCAUSgAwIBAgIIAgAAAAAAA AEwDQYJKoZIhvcNAQEFBQAwIjEgMB4GA1UEAx MXWERPWCBST09UIDogREVBTEVSVFJBQ0swH hcNMDMwMTA2MjIwNjU0WhcNMDQwMTA2MjIwNj U0WjAqMSgwJgYDVQQDEx9EZWFsZXJ0cmFjayB BV1MgU3IzdGVtIChhY2NIc3MpMIGfMA0GCsqGSI b3DQEBAQUAA4GNADCBiQKBgQCyK5JgXzuhqf dE666LjSnWHbwDhdOHMbuytpL8enRhv6TisBVD K5FG4VErNRsb/PZbIwViPX+HsuOo19ABBbwi1XGI d2UQq41kX+pAjYtZpPqcUzf2EZEups8K4Q/pwNsy Jc1KGaaONfIKhHAS3BSTiuMtzf7KPRoy3cgRK1w meQIDAQABoxIwEDAOBgNVHQ8BAf8EBAMCBsA wDQYJKoZIhvcNAQEFBQADgYEAFIuv/z00ZNMm5 6p2un+jK71cy09UWBeTvh59B9nNrPbgR90oZrAI2 R3659VPn8z7s245XRYY6zH2kWWUKiYeRZ5r0ptE ZbQSiWojCqFz2z9hTkzQYQ5ekCv0NTNyvec4Qxf5 kSoytwtkPo/EtreW5BJPZAA0WVJ5V8QJYbWZSPU =</certificate> </assignor-representative-info> - <document-list> - <document> <name>test.pdf</name> <uid>test.pdfyf7sgs3ihFrntFIMiBGdG6TltyY=< /uid> <hash>AAECAwQFBgcICQoLDA0ODxAREgA =</hash> </document> </document-list> </trm1-signed-transfer-transaction> - <trm1-signature> - <ds:Signature xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�> - <ds:SignedInfo xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�> <ds:CanonicalizationMethod xmlns:ds=�http://www.w3.org/2000/09/xmldsig #� Algorithm=�http://www.w3.org/TR/2001/REC- xml-c14n-20010315� /> <ds:SignatureMethod xmlns:ds=�http://www.w3.org/2000/09/xmldsig #� Algorithm=�http://www.w3.org/2000/09/xmldsig #rsa-sha1� /> - <ds:Reference xmlns:ds=�http://www.w3.org/2000/09/xmldsig #� URI=�#TRM1-transfer-transaction- 5s2pWV/2jvS/KzFmIAYzJTE3IXs=�> <ds:DigestMethod xmlns:ds=�http://www.w3.org/2000/09/xm Idsig#� Algorithm=�http://www.w3.org/2000/09/x mldsig#sha1� /> <ds:DigestValue xmlns:ds=�http://www.w3.org/2000/09/xm Idsig#�>LYEDWN+a3PLFuqR6nYsKwJfB WbU=</ds:DigestValue> </ds:Reference> </ds:SignedInfo> <ds:SignatureValue xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�>d Hr6XIO+0kP9iHXjqC+uHordBPPTNWeF6LOwz6bN a4j+x43NXN2ce3dfbbnEtqv10HzUWSwKkiNV o2noI5fACnY8bVfsXHrCNSMObkuGN2dI+vModIP7 xU9J1s4Kn0SkmDcm2TPnMSkpYXu6I3mfao6V gtJXJ9ETb6uHeOMpqT8=</ds:SignatureValue> - <ds:KeyInfo xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�> - <ds:X509Data xmlns:ds=�http://www.w3.org/2000/09/xmldsig #�> <ds:X509Certificate xmlns:ds=�http://www.w3.org/2000/09/xm Idsig#�>MIIBzDCCATWgAwIBAgIBMTAN BgkqhkiG9w0BAQUFADAiMSAwHgYDV QQDExdYRE9YIFJPT1QgOiBE RUFMRVJUUkFDSzAeFw0wMzAxMDYy MjA2NTNaFw0wNDAxMDYyMjA2NTNaM CIxIDAeBgNVBAMTF1hE T1ggUk9PVCA6IERFQUxFUIRSQUNLMI GfMA0GCSqGSIb3DQEBAQUAA4GNAD CBiQKBgQDFCWe+xqsT MQh5tB1RKs3P6gjnpDBmjLTd0lyQ6k0Q r4UeBAsi9XS5A6fQ6ayYgg2KOfPG5ifaG jKUKTfR8mGs LAO6j/2zIL/j0xWEyBR8zjWircGwMjpFxr H6j/gTK860QunRj1J5/oOI8R77UNIBO7z YheB6fy/v IZLUf0AhjQIDAQABoxlwEDAOBgNVHQ8 BAf8EBAMCBsAwDQYJKoZIhvcNAQEF BQADgYEAjwdK/OPI ghlpKUTraNCoTZ3ffZrib8FZptEbIKcHpK 5tYKFacBsNKohcxnZZAzyOJkzxPIJ/dcw R6m75VavQ ZIRkCgtM8pt0X0uW4RwcNJy0r7i0cd/1v SVdvEstW9HSJcniJeeqJKkscGpJTtxa4 SKx6wHk4vx1 I9AMTNvGw+k=</ds:X509Certificate> </ds:X509Data> - <ds:KeyValue xmlns:ds�http://www.w3.org/2000/09/xmldsig #�> - <ds:RSAKeyValue xmlns:ds=�http://www.w3.org/2000/09/xm Idsig#�> <ds:Modulus xmlns:ds=�http://www.w3.org/2000/0 9/xmldsig#�>xQInvsarEzEIebQdUSr Nz+oI56QwZoy03dCMkOpNEK+FH gQLIvV0uQOn0OmsmIINijnzxuYn2 hoy ICk30fJhrCwDuo/9syC/49MVhMgUf M41oq3BsDI6Rcax+o/4EyvOtELp0 Y9Sef6DpfEe+1DSATu8 2IXgen8v75WS1H9AIY0=</ds:Modul us> <ds:Exponent xmlns:ds=�http://www.w3.org/2000/0 9/xmldsig#�>AQAB</ds:Exponent> </ds:RSAKeyValue> </ds:KeyValue> </ds:KeyInfo> </ds:Signature> </trm1-signature> </assignor-signed-transfer-transaction> - <assignor-signature> - <ds:Signature xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�> - <ds:SignedInfo xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�> <ds:CanonicalizationMethod xmlns:ds=�http://www.w3.org/2000/09/xmldsig#� Algorithm=�http://www.w3.org/TR/2001/REC-xml- c14n-20010315�/> <ds:SignatureMethod xmlns:ds=�http://www.w3.org/2000/09/xmldsig#� Algorithm=�http://www.w3.org/2000/09/xmldsig#rsa- sha1�/> - <ds:Reference xmlns:ds=�http://www.w3.org/2000/09/xmldsig#� URI=�#ASSIGNOR-transfer-transaction- 5s2pWV/2jvS/KzFmIAYzJTE3IXs=�> <ds:DigestMethod xmlns:ds=�http://www.w3.org/2000/09/xmldsig #� Algorithm=�http://www.w3.org/2000/09/xmldsig #sha1�/> <ds:DigestValue xmlns:ds=�http://www.w3.org/2000/09/xmldsig #�>Gh0aJLK42TjtOgPC1Fiq7xp+Fa4=</ds:Dig estValue> </ds:Reference> </ds:SignedInfo> <ds:SignatureValue xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�>f0yHxZ q6Q8ktQhSwHNmxiYAh2o9qEjYSxcOOLrRr95AukGxpG 1W+ApGP5wqEsmyyiBNcK6Np/ra2 Cv/+imNim1I9N16grZxMcwOQOk+EtbixMUYxldKXD17F Da8pSuYWK6ZF8Y/8Ry6NMX3AH7eKUfy5 fEK2qTs3KSCAJrBWmSs=</ds:SignatureValue> </ds:Signature> </assignor-signature> </assignee-signed-transfer-transaction> - <assignee-signature> - <ds:Signature xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�> - <ds:SignedInfo xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�> <ds:CanonicalizationMethod xmlns:ds=�http://www.w3.org/2000/09/xmldsig#� Algorithm=�http://www.w3.org/TR/2001/REC-xml-c14n- 20010315�/> <ds:SignatureMethod xmlns:ds=�http://www.w3.org/2000/09/xmldsig#� Algorithm=�http://www.w3.org/2000/09/xmldsig#rsa- sha1�/> - <ds:Reference xmlns:ds=�http://www.w3.org/2000/09/xmldsig#� URI=�#ASSIGNEE-transfer-transaction- 5s2pWV/2jvS/KzFmIAYzJTE3IXs=�> <ds:DigestMethod xmlns:ds=�http://www.w3.org/2000/09/xmldsig#� Algorithm=�http://www.w3.org/2000/09/xmldsig#sha 1�/> <ds:DigestValue xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�>qv F8zTjMSP42mfQx//WEGG3IIpA=</ds:DigestValue> </ds:Reference> </ds:SignedInfo> <ds:SignatureValue xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�>fg3S5jJI4K9j ZIY8cxS+bTHuoKzTanvsbU5xZBC/50k2GWKY+yxlxthrWtLA K2dYj6SCchGu4oVb y6rpXjPazzICWp1IIhcR21IsREBNocY50aotNxt1v84vdcLaVKZ 7Joih3wF1C1KCp802SfEd7Y7n FTHqEtikfWUKUnScOws=</ds:SignatureValue> </ds:Signature> </assignee-signature> </trm2-signed-transfer-transaction> - <trm2-signature> - <ds:Signature xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�> - <ds:SignedInfo xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�> <ds:CanonicalizationMethod xmlns:ds=�http://www.w3.org/2000/09/xmldsig#� Algorithm=�http://www.w3.org/TR/2001/REC-xml-c14n- 20010315�/> <ds:SignatureMethod xmlns:ds=�http://www.w3.org/2000/09/xmldsig#� Algorithm=�http://www.w3.org/2000/09/xmldsig#rsa-sha1�/> - <ds:Reference xmlns:ds=�http://www.w3.org/2000/09/xmldsig#� URI=�#TRM2-transfer-transaction- 5s2pWV/2jvS/KzFmIAYzJTE3IXs=�> <ds:DigestMethod xmlns:ds=�http://www.w3.org/2000/09/xmldsig#� Algorithm=�http://www.w3.org/2000/09/xmldsig#sha1�/> <ds:DigestValue xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�>h7XZV pWbQLd8fPGGfHZHMUYEd+U=</ds:DigestValue> </ds:Reference> </ds:SignedInfo> <ds:SignatureValue xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�>Ht7ggUCxXzH6w DMxrLT9z4BzA/yaOGeO7IrOTnA8CVPywzjILRqFwT+jRVIWf79wH BWo1I01qsBq 5FMLMamYUVBKkZ9ULz+cbIZGHPNLUK/p7GVnbOW28siPm/WyE yDqhkkpPyvC0415T6ZHEe787BnA W6eWee5d1TnSpZsjezE=</ds:SignatureValue> - <ds:KeyInfo xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�> - <ds:X509Data xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�> <ds:X509Certificate xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�>MIIBzD CCATWgAwIBAgIBMTANBgkqhkiG9w0BAQUFADAiMS AwHgYDVQQDExdYRE9YIFJPT1QgOiBE RUFMRVJUUkFDSzAeFw0wMzAxMDYyMjA2NTNaFw0w NDAxMDYyMjA2NTNaMCIxIDAeBgNVBAMTF1hE T1ggUk9PVCA6IERFQUxFUIRSQUNLMIGfMA0GCSqGS Ib3DQEBAQUAA4GNADCBiQKBgQDFCWe+xqsT MQh5tB1RKs3P6gjnpDBmjLTd0IyQ6k0Qr4UeBAsi9XS5 A6fQ6ayYgg2KOfPG5ifaGjKUKTfR8mGs LAO6j/2zIL/j0xWEyBR8zjWircGwMjpFxrH6j/gTK860Qun Rj1J5/oOI8R77UNIBO7zYheB6fy/v IZLUf0AhjQIDAQABoxIwEDAOBgNVHQ8BAf8EBAMCB sAwDQYJKoZIhvcNAQEFBQADgYEAjwdK/OPI ghIpKUTraNCoTZ3ffZrib8FZptEbIKcHpK5tYKFacBsNKo hcxnZZAzyOJkzxPIJ/dcwR6m75VavQ ZIRkCgtM8pt0X0uW4RwcNJy0r7i0cd/1vSVdvEstW9HSJ cniJeeqJKkscGpJTtxa4SKx6wHk4vx1 I9AMTNvGw+k=</ds:X509Certificate> </ds:X509Data> - <ds:KeyValue xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�> - <ds:RSAKeyValue xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�> <ds:Modulus xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�>x QInvsarEzEIebQdUSrNz+oI56QwZoy03dCMkOpNE K+FHgQLIvV0uQOn0OmsmIINijnzxuYn2hoy ICk30fJhrCwDuo/9syC/49MVhMgUfM41oq3BsDI6R cax+o/4EyvOtELp0Y9Sef6DpfEe+1DSATu8 2IXgen8v75WS1H9AIY0=</ds:Modulus> <ds:Exponent xmlns:ds=�http://www.w3.org/2000/09/xmldsig#�>A QAB</ds:Exponent> </ds:RSAKeyValue> </ds:KeyValue> </ds:KeyInfo> </ds:Signature> </trm2-signature> <status>4</status> </transfer-transaction> Types of TR Transfer Evidence
The �portal� 400 represents either a user-accessible application or a backend system-to-system capability for interacting with the TRM 10. Any participating party�Originator, Registrar, Custodian, or other third-party�can operate this portal. A Lender may participate as the Originator, Registrar, and/or Custodian. As depicted in FIG. 4, the Originator uses the Approvelt� Web Server 300 to generate e-contracts. The TRM 10 uses this e-contract to create an Authoritative Copy of a TR that is owned by a particular Lender or investor. This TR is securely stored with a Custodian designated by the Lender. Subsequent to the initial assignment of ownership, the Lender (current secured party) can transfer ownership of the Authoritative Copy of this particular TR to another Lender (new secured party).
The �hash� of the TR and the unique ID that is assigned to that TR upon its initial registration with the TRM 10 The Secure Storage Manager where the TR is stored and from where certification is sought The source of the TR's provenance including the Secure Storage Manager and custodian ID The TR Chain of Ownership
The distributed design of the TRM 10 architecture enables a party to act as a Registrar, a Custodian, or both since roles of the Registrar and the Custodian are decoupled. In a centralized vault approach, the functions of the Registrar and the Custodian are intertwined�an organization wishing to be a Registrar is forced to also become a Custodian, and vice versa. The flexibility of the TRM 10 distributed architecture also allows a large lender to own the entire solution or a small lender to acquire Registry and Custodian services from third parties on an outsourced basis. Contrary to a system that is based on a centralized electronic vault where all TRs are stored, the TRM 10 does NOT store the actual TRs in the Registry but in any number of TR Repositories accessible through their respective Secure Storage Managers. Only data pertaining to the ownership history of a TR is stored as TR Registry Records in the TRM 10. This allows for many custodians to participate in the same TRM 10, served by one centralized Registry. With the TRM 10, a TR can exist outside the TRM 10 environment and can be used for informational purposes without forcing the user to always return to the centralized vault when access to that TR is needed. The design of the TRM 10 ensures that any such use of a TR outside the secure TRM 10 environment results in the TR being marked as a �Copy of an Authoritative Copy� or �Not an Authoritative Copy�. The ability to view, store, and transmit a TR (e.g. a PDF document that represents a TR) without being tied to a vault provides significant flexibility and ease of use. Hence, requiring the user to always connect to a centralized vault to access the TR is very inefficient, significantly increases the complexity of the TRMS solution, and negates the benefits of electronic automation of business processes. The use of a centralized vault requires the use of an IT system that does not leverage the existing IT infrastructure. A centralized vault requires its own document management system and access control system. This results in duplicate systems being deployed since it is highly likely that a document management system and an access control system are already deployed. In contrast, the TRM 10 leverages the organization's existing document management system and access control system.
�a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (4), (5) and (6), unalterable;� The TRM 10 conditions described above for certifying a copy of a TR as the TRM 10 Authoritative Copy of that TR establishes compliance with this requirement where condition 1 ensures that it is unique and identifiable, while condition 2 detects if it has been altered. Furthermore, the data in the Registry identifies the location and current owner of The Authoritative Copy.
�the authoritative copy identifies the secured party as the assignee of the record or records;� The secured party is identified in the e-contract as generated by the Approvelt� Web Server. Furthermore, conditions 3 and 4 ensure that the TRM 10 complies with this requirement by identifying the secured party as the assignee of The Authoritative Copy using the TR's unique ID and the TR Chain of Ownership, in addition to the assignee's Transfer Control Key, Transfer Control Certificate, and access control certificate.
�the authoritative copy is communicated to and maintained by the secured party or its designated custodian;� Conditions 3, 4, and 5 ensure that the TRM 10 complies with this requirement by tracking the exact location where the TR is stored as indicated by the data in the Registry. The TRM 10 ensures that only the secured party or the designated custodian has access to maintain The Authoritative Copy using the TR Chain of Ownership and the secured party's or Custodian's Transfer Control Key, Transfer Control Certificate, and access control certificate.
�copies or revisions that add or change an identified assignee of the authoritative copy can be made only with the participation of the secured party;� To add or change an identified assignee of The Authoritative Copy, the TRM 10 requires the participation and consent of the secured party as evidenced by the use of secured party's Transfer Control Key, Transfer Control Certificate, and access control certificate.
�each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and� If any of the conditions fails while attempting to identify a copy of a TR as The Authoritative Copy of that TR, the TRM 10 securely marks the copy as a �Copy of an Authoritative Copy� or �Not an Authoritative Copy�.
�any revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.� The TRM 10 applies advanced cryptographic technologies to secure and identify The Authoritative Copy. Any unauthorized revision of the TR will invalidate the identification of The Authoritative Copy and render it useless. Any authorized revision done by the consent of the concerned parties is indicated as such using commercially available electronic signature technology.
The TRM 10 integrates with the commercially available Approvelt� web server. AWS customers can �bolt� the TRM 10 onto the deployed AWS system with relatively little effort. The TRM 10 is a secure and scalable closed registry system. The TRM 10 focuses on the control and transfer of ownership, not on the control and transfer of the actual document, resulting in a more efficient operating model that can process thousands or even tens of thousands of transfers in a relatively short time. e-Contracts do not have to be �locked up� in a centralized vault. The TRM 10 uses a distributed vault to securely store the e-contracts, where this vault can be hosted anywhere and by any party. The TRM 10 leverages the customer's existing infrastructure for storing documents (e.g. RDBMS, DMS, etc.). The TRM 10 enables flexible deployment models due to its distributed design. The TRM 10 provides business opportunities to interested parties that may not be possible with other solutions. A third-party can provide registrar services, custodian services, or both. A lender can be a registrar, a custodian, or both.
The user's browser or system securely generates the private Transfer Control Key. The Transfer Control Key is then encrypted with the user's access control public key and is returned to TRM 10 for secure storage in the Registry. Subsequently, the encrypted Transfer Control Key is securely delivered to the party (human or machine) that will use it. Once downloaded, the Transfer Control Key is kept only in volatile computer memory�not stored anywhere on disk. The Transfer Control Key is decrypted with the user's access control private key while in volatile memory, used to sign a TRM 10 transaction, and then destroyed.
A secure Approvelt� Web Server A secure Registry and Secure Storage Manager A secure buyer/seller access channel to the TRM 10 A secure communications channel among all participating systems (Approvelt� Web Server, Registry, Secure Storage Manager, and Portal application) A secure communications channel to other TRMs (if needed) A secure communications channel to other Approvelt� Web Servers (if needed) The TRM 10 protects its records of ownership from the moment they are created until they expire. All communication and exchanges among parties within the Secure TRM Environment occur over SSL. Transactions are further secured based on mutual authentication protocols using Transfer Control Keys and Transfer Control Certificates. Once created, TRs remain �bound� to their original Secure TRM Environment. Even though the TRM 10 allows TRs to physically reside in any document management system outside the TRM 10, special secure mechanisms based on Transfer Control Keys and Transfer Control Certificates guarantee that any TR transfer is performed only within the Secure TRM Environment. Conversely, the Secure TRM Environment also guarantees that non-authoritative copies of TRs that exist outside the Secure TRM Environment are distinctly watermarked as such. This enables the TRM 10 to guarantee the integrity and safekeeping of TRs from unauthorized use, to detect any tampering with TRs, and to provide actual proof of TR ownership.
Scenario 1�Validating the Authoritative Copy
The TR holder logs into the TRM 10 over a secure communications link. A successful login indicates that the TR holder is authorized to access the TRM 10. The TR holder presents her Transfer Control Certificate to prove that she is the owner of that particular TR. The TRM 10 certifies the six conditions mentioned above. If these conditions are met, the TRM 10 notifies the holder that this TR copy is The Authoritative Copy. Otherwise, the TR is clearly marked as a �Copy of an Authoritative Copy� using a visible watermark. A print-only watermark can also be included. Note that the authoritative copy never leaves the SSM (vault). The TRM presents a rendered view of the TR but only for the authorized Secured Party (owner or assignee). The appearance of the TR will depend on the party requesting it. The TRM indicates that it is an �Authoritative Copy� when presented to the owner and �Non Authoritative Copy� when presented to the assignee.
Scenario 2�Transferring Ownership from Seller to Buyer
The seller (i.e. current assigned or owner) logs into the TRM 10 with a Web browser over a secure communications link. A successful login using her TR Access Certificate indicates that the seller is authorized to access the TRM 10. The TRM 10 then presents a list of TRs that are owned by the seller as determined from the TR Registry Records. The seller selects that particular TR that she wants to transfer and identifies the buyer from a list of authorized participants that are registered in the TRM 10. The seller then initiates the transfer process. This triggers an alert to the designated buyer indicating that a TR transaction is pending. To reach this point of the process, the TRM 10 would have certified that the conditions set forth previously are satisfied. This ensures that the seller has the right to transfer this TR based on the Transfer Control Certificate. At a later time, the buyer logs into the TRM 10 using a Web browser over a secure communications link. A successful login indicates that the buyer is authorized to access the TRM 10 and that his private and secure identification credentials do identify him as a registered TRM buyer. The buyer then accepts the transfer. The TRM 10 completes the transfer of ownership of that TR. As before, to get to this point of the process, the TRM 10 would have certified that the conditions set forth are satisfied. This ensures that the buyer of the TR has now control over The Authoritative Copy. Based on the above strict process, it is impossible for anyone�even the TR owner�to sell the same transferable record to more than one buyer using identical copies of that TR. Even if the seller attempts to do so, the moment the buyer accepts the transfer of ownership from the seller, the TRM 10 marks that TR as being owned by the buyer. If the previous owner attempts to transfer a copy of that TR, the TRM 10 asserts that she is not the owner of The Authoritative Copy.
Transferable Records Manager�Registry
Presentment Services 123 are used to display The Authoritative Copy in a Web browser based on the conditions listed above. They also participate in implementing the �Transfer Out� functionality where The Authoritative Copy of a particular TR is converted from electronic form to paper chattel paper based on several formats including paper, active PDF file, inactive (�flattened�) PDF file, GIF, and TIFF. The transfer out transaction is included in the TR Chain of Ownership.
Transferable Records Manager�Secure Storage Manager
Transferable Records Manager�TRM Connector
The system of the present invention can interact with one or more originating systems such as the Approvelt� Web Server (AWS) using the an Authoritative Copy Module for creating authoritative copies out of contracts signed by AWS. It can also accept authoritative copies by �uploading� them to it.
For security, all access control certificates are registered with the TRM before being used. Also, all �users� are registered: secured parties, representatives of secured parties, documents, secure storage managers (vaults), originating systems such as AWS, and any portal application that will integrate the TRM into it.
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