(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
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?
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.
: 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.
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 vendor must check the filing office to determine the parties who have filed financing statements covering inventory and after-acquired property
for this notice.
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.