US Patent no. 7,788,187

US Federal News
Copyright 2010 US Fed News (HT Syndication)

September 1, 2010

US Patent Issued on Aug. 31 for " Abandoned Property Escheat Assignment and Reporting System" (New York Inventor)

ALEXANDRIA, Va., Sept. 1 -- United States Patent no. 7,788,187, issued on Aug. 31.

"Abandoned Property Escheat Assignment and Reporting System" was invented by Thomas Berger (Northport, N.Y.).

According to the abstract released by the U.S. Patent & Trademark Office: "The methods of the invention include interrogating a user provided "Abandoned Property DataBase" (APDB) and assigning a probable escheat jurisdiction to each account based on a series of user-selected processing options. The invention appends confidence codes indicating how each escheat decision was reached, enabling users to make informed decisions as to which accounts require additional manual review and ultimately, which escheat to each jurisdiction. The invention can also correct addresses, parse extraneous data, append alternate escheat jurisdictions, provide Office of Foreign Asset Control (OFAC) compliance validation, and allow real-time review and updating of account data and escheat determinations. The invention will increase the likelihood of lost assets being reunited with their rightful owners and/or turned over to the proper jurisdiction."

The patent was filed on Sept. 26, 2003, under Application No. 10/672,493.