after-acquired property


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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: bankruptcy)

References in periodicals archive ?
The reason for this is apparently that garnishees who have no connection with the judgment debtor on Monday are not expected to watch for after-acquired property thereafter.
Oddly, if we read the CPLR literally, the after-acquired property clause of the third sentence is triggered if the creditor designated (wrongly) some thing that the garnishee owns is really debtor property.
The principal balance of the loan and accrued but unpaid interest from time to time is secured by a charge over all present and after-acquired property of the Company and its wholly-owned subsidiaries in Canada and the United States.
The credit facilities will be secured by liens on all existing and after-acquired property (tangible and intangible) of the company and its subsidiaries.
The principal balance outstanding under the Note and accrued but unpaid interest from time to time will be secured by a charge over all present and after-acquired property of the Company and its wholly-owned subsidiaries in Canada and the United States.