| 摘要 |
Systems and methods of financial security system for a 1031 exchange are discussed to address security concerns that exchange proceeds may be misappropriated without the authorization of the taxpayer client by implementing authorization and verification processes. The 1031 exchange begins with a specific taxpayer client (TP) when the Qualified Intermediary (QI) and TP sign an exchange agreement and the QI assigns a specific Exchange File Number (EFN) tied to the bank's identification number of a sub-account for the exchange. The QI notifies the system of the EFN and TP's email address. The system encodes a security device with EFN (and TP's email address in one embodiment), which is sent to TP. Then TP can log on to create a password using the received security device. This password is used to provide added security in the process of authorization and verification by TP of incoming and outgoing funds.
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