after-acquired property

after-acquired property: n.

(1) Property a debtor acquires after concluding an agreement putting up other property as security for a loan.

(2) Property acquired by a bankrupt after filing for bankruptcy.

after-acquired property: 1) Property that a person acquires after taking on a debt, which becomes additional collateral for the debt. Typically, this occurs when the debtor has signed an agreement pledging all property as security for the debt.

2) Property acquired by a debtor after filing for bankruptcy.

3) Property someone acquires after making a will.

Category: Bankruptcy, Foreclosure & Debt → Bankruptcy

Category: Wills, Trusts & Estates → Wills

after-acquired property: n.

1 In commercial law, property acquired by a debtor after the execution of a security agreement wherein property acquired by the debtor before the execution of the agreement has been pledged as collateral for a loan.

2 In bankruptcy law, property acquired by a bankrupt after a petition for bankruptcy is filed.

after-acquired property: n.

   1) personal or real property acquired by a debtor after he/she has agreed that all his/her property secures a debt. Thus, the new property also becomes security for the debt. This includes improvements to real property which is security on a deed of trust or mortgage and personal property pledged in a security agreement (UCC-1).

   2) in bankruptcy, property acquired by the bankrupt person after he/she has filed papers to be declared bankrupt. This after-acquired property is not included in the assets which may be used to pay any debts which existed at the time of bankruptcy filing.

   See also: bankruptcy, secured transaction

Игры ⚽ Поможем написать курсовую

Look at other dictionaries:

after acquired property — Property of debtor which is acquired after security transaction covering property already owned is perfected. Property acquired after the date of the agreement usually becomes additional security for payment of the indebtedness if an after… … Black's law dictionary
after-acquired property — Property of debtor which is acquired after security transaction covering property already owned is perfected. Property acquired after the date of the agreement usually becomes additional security for payment of the indebtedness if an after… … Black's law dictionary
after acquired property — Property of debtor which is acquired after security transaction covering property already owned is perfected. Property acquired after the date of the agreement usually becomes additional security for payment of the indebtedness if an after… … Black's law dictionary
after-acquired property — Property of debtor which is acquired after security transaction covering property already owned is perfected. Property acquired after the date of the agreement usually becomes additional security for payment of the indebtedness if an after… … Black's law dictionary
After-acquired property — is real property or personal property to which party A obtains title only after falsely selling it to party B for value when party A did so without proper title. An example would be Colonel Sanders pretends to sell My Old Kentucky Home to Daniel… … Wikipedia
after–acquired property — see property Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
after acquired property — Property of a bankrupt acquired between the date of bankruptcy and prior to the bankrupt s discharge from bankruptcy. (Dictionary of Canadian Bankruptcy Terms) United Glossary of Bankruptcy Terms 2012 … Glossary of Bankruptcy
after-acquired property clause — A phrase in a mortgage (an interest in land that furnishes security for payment of a debt or performance of an obligation) that provides that any holdings obtained by the borrower subsequent to the date of the loan and mortgage will automatically … Law dictionary
after-acquired property — /ˌaftər əkwaɪəd ˈprɒpəti/ (say .ahftuhr uhkwuyuhd propuhtee) noun Law property acquired by a bankrupt after sequestration, usually vested in the trustee …
after-acquired property — A term commonly employed in mortgages and for the double purpose of subjecting added security to the lien of the mortgage and of removing in many cases doubts which may arise as to whether improvements, repairs, and additions made since the… … Ballentine's law dictionary

Academic Dictionaries and Encyclopedias

after-acquired property

Look at other dictionaries:

Share the article and excerpts

Academic Dictionaries and Encyclopedias

Law dictionary

after-acquired property

Look at other dictionaries:

Share the article and excerpts

Direct link