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Simple English definitions for legal terms

after-acquired property

Read a random definition: Black Book of the Admiralty

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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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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