n. 1) private or genuine residential property acquired by a debtor after he or she has agreed that every his/her residential property secures a debt. Thus, this new residential property also becomes security the debt. This consists of improvements to real home that will be protection on a deed of trust or mortgage and personal property pledged in a security contract (UCC-1). 2) in bankruptcy, property acquired because of the broke individual after he/she has actually recorded reports to-be declared bankrupt. This after-acquired residential property is certainly not included in the possessions which may be always spend any debts which existed at the time of personal bankruptcy filing.
When property is bought by a debtor after entering a contract. Various other residential property had been used to secure the loan. The acquired property is safe if personal bankruptcy should be submitted.
Property this is certainly acquired by a debtor after he/she has actually registered into an understanding where other property is set up as protection for a loan. In bankruptcy law, the house that's obtained because of the broke party after he/she has filed is declared broke. This home will usually be without all claims by the broke person's lenders.