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Simple English definitions for legal terms

after-acquired property

Read a random definition: intestate succession

A quick definition of after-acquired property:

After-acquired property refers to personal or real property that a borrower gets after taking on a debt secured by all their property. This new property becomes additional collateral for the debt. For example, if a store owner pledges all their inventory to get a loan, any new inventory they acquire will also be used to secure the loan. In bankruptcy, property acquired after filing for bankruptcy is usually protected from creditors. In wills and estates, after-acquired property is property a person gets after making a will.

A more thorough explanation:

Definition: After-acquired property, also known as future-acquired property, refers to personal or real property that a borrower acquires after taking on a debt secured by all of their property. This property becomes additional collateral for the debt.

According to UCC § 9-204, after-acquired property includes improvements to real property used as security on a trust deed or mortgage, as well as personal property pledged in a security agreement.

  • A retail store owner pledges all of their inventory, including any inventory acquired in the future, to obtain funds from a creditor to buy additional inventory.
  • A mortgagee includes an after-acquired property clause in a mortgage, stating that they will have an equitable lien in all the real property that the mortgagor obtains after the mortgage is executed.
  • In bankruptcy, property acquired by the bankrupt person after they have filed for bankruptcy is protected from creditors’ claims and is not included in the assets that may be used to pay any of the debts that existed at the time of filing for bankruptcy.
  • In wills and estates, after-acquired property refers to property a testator acquires after making a will.

The examples illustrate how after-acquired property can be used as collateral for a loan or as a way to secure a mortgage. In bankruptcy, after-acquired property is protected from creditors' claims, and in wills and estates, it refers to property acquired after making a will.

after-acquired evidence | after-acquired title

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[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
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