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:
“Frankly, I do not like the idea of conversations to define the term “unconditional surrender.” ... The German people can have dinned into their ears what I said in my Christmas Eve speech—in effect, that we have no thought of destroying the German people and that we want them to live through the generations like other European peoples on condition, of course, that they get rid of their present philosophy of conquest.”
—Franklin D. Roosevelt (1882–1945)