JR01 — assets, rights & protection (concept education)
Documented legal rights precede any description of an issued, secured or tradeable product ([BB p. 37]).
Proposed protection architecture
- 1. Asset perimeter
title/control · encumbrances
- 2. Issuer / SPV
authority · defined instrument
- 3. Valuation & security
scope · priority · trustee if applicable
- 4. Accounts & cash flow
escrow/controls · waterfall · reserves
- 5. Register & custody
legal holder · reconciliation · recovery
- 6. Investor rights
eligibility · reporting · permitted transfer
Figure F3 (adapted, [BB p. 37]): a token represents only rights established by valid definitive documents.
| Layer | Required evidence ([BB p. 37]) |
|---|---|
| Assets / issuer | Perimeter, title/control, issuer authority and encumbrances |
| Valuation / security | Scoped independent valuation; valid security, priority, consents and trustee powers where applicable |
| Accounts / waterfall | Executed controls, payment priority, reserves, audit and distribution rules |
| Register / custody | Legal holder register, reconciliation, custody responsibility and recovery |
| Investor / market access | Classification, offering permission, jurisdiction/eligibility, restrictions and authorised venue if any |
Bankability & liquidity
Any issuance ceiling belongs in an approved structuring model tied to actual rights, valuation haircuts, senior claims, leverage and coverage — the website team must not invent it ([BB p. 37]). No ceiling, model output or valuation is shown here.
Proposed instrument lifecycle ([BB p. 39])
Concept → structuring → legal review → lawful approved offering → authorised subscription → issued → reconciled → permitted transfer if enabled → redeemed/closed if terms allow, including suspended, disputed and restricted states. These are proposed states, not milestones achieved; today the programme sits at concept.