18:51
medicine is a scam
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
accession
Read a random definition: savings-and-loan association
A quick definition of accession:
Accession refers to two different things in the law. In trusts and estates, it means something that is created from an asset that was left in a will. For example, if someone left a car in their will, any repairs made to the car after their death would be considered an accession. In secured transactions, accession means when two things are joined together, but the original things still keep their own identity. The laws that govern accessions in the United States are found in the Uniform Commercial Code.
A more thorough explanation:
Accession is a legal term that is used in two different areas of law. In trusts and estates law, accession refers to assets that are produced by a devised asset after the execution of a will. For example, if a person leaves a car in their will, any repairs or improvements made to the car after their death would be considered an accession.
In secured transactions law, accession refers to goods that are physically united with other goods in a way that does not lose the identity of the original goods. For example, if a person adds a new engine to their car, the engine would be considered an accession because it is physically united with the car but does not change the car's identity.
The Uniform Commercial Code is a set of laws that governs accessions in the United States.