After acquired property - sustany/dvg GitHub Wiki

Also called �future-acquired property�.�

• Personal or real property that a borrower acquires after having taken on a debt secured by all of their property, which becomes additional collateral for the debt. Based on UCC � 9-204, such property includes improvements to real property used as security on a trust deed or mortgage as well as personal property pledged in a security agreement.
  • An example of personal property being used as after-acquired property to secure a loan is a retail store owner who pledges all of his inventory, by including an after-acquired property provision in a security agreement, in order to obtain funds from a creditor to buy additional inventory. Mortgages, specifically those affecting commercial properties, often involve the treatment of real property as after-acquired property. Mortgagees will often include in the mortgage an after-acquired property clause stating that the mortgagee will have an equitable lien in all the real property that the mortgagor obtains after the mortgage is executed.
• In bankruptcy, property acquired by the bankrupt person after they have filed for bankruptcy. Usually, property that has been acquired after commencement of a bankruptcy proceeding is protected from creditors� claims and is not included in the assets that may be used to pay any of the debts that existed at the time of filing for bankruptcy.
• In wills and estates, property a testator acquires after having made a will.