by John Darer CLU ChFC MSSC CeFT RSP CLTC
A patent application for Treasury Funded Structured Settlements was submitted by John McCulloch of Bollingbrook, Illinois in June 2010. The application 20110302069 was published on December 8, 2011, but the application is still pending according to the United States Patent and Trademark Office (USPTO). A non final denial was issued by the USPTO in February 2012, citing prior work.
When a patent application is submitted to the USPTO, it is assigned to an examiner whose job is taking the time to fully examine and understand the patent request. This also involves determining whether or not the information provided by the applicant was enough. If insufficient detailed information, on the applicant's new invention, the patent approval process may end right there.
The patent approval specialist, will also make sure that the patent is a unique idea; one that has not been previously used. This part of the patent process involves the use of a patent record search. A patent record search will help to make sure that the applied for patent is really one of a kind. An applicant can cite prior art and describe and address the differences and how his/her invention is unique. McCulloch cited to prior art of the late Richard G. Halpern from 2001 and 2006. In the event that the applied for patent is similar to an existing patent, the request for a patent will likely be denied. In its non-final denial, the examiner made 4 other citations of prior art, including 2002 art by Cam Mears and 2007 art by McCulloch's IFS colleague, James Patrick Steele (a/k/a JP Steele).
As of the time of posting, there have been no published status updates on the treasury funded structured settlement patent application since February 2012.
Copy of Treasury Funded Structured Settlements patent application by John McCulloch
Structured settlements may be funded with "any annuity contract issued by a company licensed to do business as an insurance company under the laws of any State, or any obligation of the United States" pursuant to Internal Revenue Code section 130(d) which defines what is a "qualified funding asset" and sets other conditions that must be satisfied.
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