What does after-acquired property mean?

after-acquired property meaning in Legal Dictionary

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.

after-acquired property meaning in Law Dictionary

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.

after-acquired property meaning in Business Dictionary

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.