What After-acquired Property Meaning
An after-acquired clause is a proactive strategy that dictates that any and all property acquired by the debtor can be automatically added to the list of collateral attached to the debt or loan. After-Acquired Property Definition from Nolos Plain-English Law Dictionary 1 Property that a person acquires after taking on a debt which becomes additional collateral for the debt.
Non-Disclosure Agreement After Acquired Title Law and Legal Definition After acquired title refers to a title held by a person who bought property from a seller who acquired title only after purporting to sell the property to the buyer.
What after-acquired property meaning. When the title is acquired by the seller in this paper shuffle title automatically goes to the person to whom it was sold passing through the person who acquired title like a dose of salts on its way to the new purchaser. Property as proceeds that a debtor acquires after the commencement of a bankruptcy case and that is usually considered part of the bankruptcy estate 2. Under former section 9-306 2 proceeds meant property received by the debtor when collateral was disposed of.
All present and after- acquired property no exceptions AllPAAP A collateral class registerable on the Personal Property Securities Register PPSR. It includes all personal property over which the grantor has an interest both at the time a registration is made and after. This includes improvements to real property which is security on a deed of trust or mortgage and personal property pledged in a security agreement.
Title to property acquired after the owner attempts to sell or transfer the title to another person before heshe actually got legal title. This is sometimes abbreviated to AllPAAP. Property that is acquired by a person after obtaining a debt instrument such as a mortgage that becomes added to the collateral for the underlying load or debt.
After Acquired Property Definition Any personal or real property that a debtor acquires after they have signed a security agreement that secures their debt with all of their property can be considered after acquired property. Thus the new property also becomes security for the debt. After acquired property definition based on common meanings and most popular ways to define words related to after acquired property.
Such property acquired after the creation of a lien or security interest that is subject to the lien or becomes collateral for the security interest. 1 personal or real property acquired by a debtor after heshe has agreed that all hisher property secures a debt. Property that a person buys after an activity has taken place usually after either a bankruptcy has been filed or a will has been made.
Property that a debtor acquires after a petition for bankruptcy is filed. After-Acquired Property means any and all assets or property other than Excluded Assets acquired after the Closing Date including any property or assets acquired by the Borrower or a Subsidiary Guarantor from another Subsidiary Guarantor which in each case constitutes Collateral or would have constituted Collateral had such assets and property been owned by the Borrower or a Subsidiary Guarantor on the Closing Date. The term after-acquired property also arises in the context of bankruptcy secured transactions and the law of wills.
After-acquired-property meaning In commercial law property acquired by a debtor after the execution of a security agreement wherein property acquired by the debtor before the execution of the agreement has been pledged as collateral for a loan. After-acquired property is personal or real property acquired by a debtor after heshe has signed a security agreement that secures the debt with all hisher property. With this in mind any new property can become collateral for the purposes of debt collection.
Typically this occurs when the debtor has signed an agreement pledging all property as security for the debt. For example if one buys 10 acres after filing bankruptcy those 10 acres are considered after-acquired property. Legal definition for AFTER ACQUIRED PROPERTY.
After Acquired Property Law and Legal Definition. Definitions of after-acquired property property that a debtor acquires after signing a security agreement that secures the debt with all his or her property and which becomes collateral for the debt. The definition in new section 9-102 a 64 continues former section 9-306 1s focus on what comes in is acquired when original collateral is disposed of.
Therefore the new property also becomes collateral for the debt. After-Acquired Title Definition from Nolos Plain-English Law Dictionary Title to property acquired by someone after that person has purportedly transferred the property to someone else. Property that a testator a person who dies leaving a will acquires after the execution of a will.
Property acquired after the perfection of a lien or security interest especially. In this context after-acquired property is simply property which is acquired by a borrower after a security agreement is signed by a debtor after a bankruptcy case is commenced or by a testator after a will is made. After-acquired property 1.
As soon as the seller actually acquires title it passes to the person to whom it was sold.
