After-acquired property refers to assets or property obtained by a debtor after the commencement of bankruptcy proceedings or after the creation of a security interest. In bankruptcy law, after-acquired property becomes part of the bankruptcy estate and may be subject to the claims of creditors. Similarly, in secured transactions, creditors may obtain a security interest in after-acquired property to secure the repayment of debts. The inclusion of after-acquired property provisions in bankruptcy proceedings or security agreements allows creditors to maintain their interests in assets acquired by the debtor after the initial agreement or filing, providing additional security for repayment of debts.
After Acquired Property refers to any assets or possessions that an individual or entity obtains after a specific event or date, typically after the creation of a legal agreement or the commencement of a business relationship. These assets are not included in the initial agreement or arrangement and are therefore not subject to the same terms and conditions. After Acquired Property may include real estate, personal belongings, or any other form of valuable assets that are acquired subsequent to the specified event or date. The ownership and rights associated with After Acquired Property are typically determined by the governing laws and regulations, as well as any additional agreements or contracts that may be in place.
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.
After acquired property refers to property that is acquired by a party after a legal agreement has been made, such as a marriage or a contract. In the context of family law, after acquired property may be subject to division in the event of a divorce or separation. In contract law, after acquired property may be subject to specific terms and conditions outlined in the original agreement. The treatment of after acquired property can vary depending on the specific laws and circumstances of the case.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March 2024.
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