After-acquired property has multiple meanings in law.
Real property
In other areas of law
The term "after-acquired property" also arises in the context of
bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the deb ...
,
secured transactions, and the law of
wills.
In this context, "after-acquired property" is simply property which is acquired by a borrower after a
security agreement
A security agreement, in the law of the United States, is a contract that governs the relationship between the parties to a kind of financial transaction known as a secured transaction. In a secured transaction, the Grantor (typically a borrower b ...
is signed, by a debtor after a bankruptcy case is commenced, or by a
testator
A testator () is a person who has written and executed a last will and testament that is in effect at the time of their death. It is any "person who makes a will."Gordon Brown, ''Administration of Wills, Trusts, and Estates'', 3d ed. (2003), p. ...
after a will is made.
In the case of secured transactions, whether the after acquired property becomes part of the collateral pledged by the borrower is dependent upon both the language of the security agreement and ยง 9-204 of the
Uniform Commercial Code
The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through U ...
.
See also
*
After acquired property clause
References
Real property law
Legal terminology
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