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 ?
621) If none of the enumerated forms of knowledge exists, the restraining notice is not effective as to after-acquired property or after-arising debts.
A similar view is expressed in an amicus brief filed by the Real Property, Probate and Trust Law Section of The Florida Bar, which found no general bequest in the will that would indicate the testator's intent for the after-acquired property to pass under the will," Quince wrote.
Prenuptial and postnuptial agreements can be used to fix the property rights of existing or after-acquired property (but are considered invalid in some states).
The need to protect PMSI creditors who finance the purchase of new property or supply new property on credit terms, from pre-existing security covering after-acquired property The PMSI holder facilitates expansion of the debtor's pool of assets and assists the debtor in its business without affecting or depleting the security base of existing secured creditors, and therefore should be entitled to realize on its collateral in priority to other parties
348) A sale of proceeds implies that after-acquired property clauses might be applied to outright purchases of accounts, chattel paper, and, indeed, any property that might constitute proceeds.
Parties to a secured transaction often wish to have their security agreement cover not only the initially enumerated property, but also future proceeds of that property(46) and related after-acquired property.
The senior secured bonds are secured with a first priority lien on substantially all of Kincaid's tangible and intangible assets, rights and interests in the financing and project documents, insurance policies and proceeds thereof, assignable permits and governmental approvals and any after-acquired property.
The vendor will need to check with the applicable filing office or offices to determine the creditors that have filed financing statements covering inventory and after-acquired property in order to provide the required advanced written notice to these pre-existing secured creditors.
Marcus added two more areas to the classification: proceeds (whatever is acquired by debtor upon a sale, lease, license or exchange), and after-acquired property which includes all property acquired in the future by the debtor).
It is the vendor's responsibility to check the filing office to determine the parties that have filed financing statements covering inventory and after-acquired property for this notice.
The principal balance of the loan and accrued but unpaid interest from time to time will be secured by a charge of all present and after-acquired property of the Company and its wholly-owned subsidiaries in Canada and the United States.
The vendor must check the filing office to determine the parties who have filed financing statements covering inventory and after-acquired property for this notice.