Other Uses of The Term
The term "after-acquired property" also arises in the context of bankruptcy, 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 is signed, by a debtor after a bankruptcy case is commenced, or by a testator 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.
Read more about this topic: After-acquired Property
Famous quotes containing the word term:
“Art, if one employs this term in the broad sense that includes poetry within its realm, is an art of creation laden with ideals, located at the very core of the life of a people, defining the spiritual and moral shape of that life.”
—Ivan Sergeevich Turgenev (1818–1883)