| 释义 |
after-acquired property
after-acquired propertyn. 1) personal or real property acquired by a debtor after he/she has agreed that all his/her property secures a debt. Thus, the new property also becomes security for the debt. This includes improvements to real property which is security on a deed of trust or mortgage and personal property pledged in a security agreement (UCC-1). 2) in bankruptcy, property acquired by the bankrupt person after he/she has filed papers to be declared bankrupt. This after-acquired property is not included in the assets which may be used to pay any debts which existed at the time of bankruptcy filing. (See: bankruptcy) After-Acquired Property
After-Acquired Property1. 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. For example, if one buys 10 acres after filing bankruptcy, those 10 acres are considered after-acquired property. How after-acquired properties affect an activity (such as whether they can be used to repay creditors in a bankruptcy or how they are distributed in a will) differs according to individual situations.
2. In law, property one sells without owning but then subsequently buys. For example, suppose Joe sells Bob 10 acres, but those 10 acres in fact belong to Frank. If Joe takes Bob's money and buys Frank's 10 acres afterward, they are automatically transferred to Bob. See also: Fraud. |