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)

Mentioned in ?

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.

Restraining notices

"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.

The case of the not-so-simple will

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).

Community property

* 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

PMSIs under the Ontario PPSA--special priority for suppliers

The sale of proceeds, but not of the underlying goods, may implicate the sale of after-acquired property.(347) Does the UCC even authorize such a transaction?

The rotten foundations of securitization

Can a lender take and perfect a security interest in the debtor's after-acquired property? The current state of the law does not answer these questions with the clarity and certainty needed to foster growth of investment in information and technological assets.

"To promote the progress of science and useful arts": a role for federal regulation of intellectual property as collateral

After-Acquired Property: Extension of a creditor's security interest to improvements made to the collateral will not disqualify a loan provided that the extension does not constitute excess collateralization.

Allocating interest and other expenses under Section 864(e)

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.

Becoming a secured creditor

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).

The Annual NACM Legislative Conference: two days of critical information

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.

Battle for the proceeds: prevailing on your purchase money security interest, despite a post-dated check

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.

Achieving perfection: your financing statement must be actually filed

First, credit managers for companies that sell business equipment (or other non-inventory items) can still secure the priority position on new sales of business equipment (even over creditors with prior security interests containing after-acquired property clauses) so long as they file a financing statement within 10 days of delivery of the new equipment.