Dictionary
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; property that a debtor acquires after a petition for bankruptcy is filed; property that a testator (=a person who dies leaving a will) acquires after the execution of a will
To claim after-acquired property, the official receiver should serve written notice on the bankrupt.
Phrase Bank
- What is the effect of the after-acquired property clause in the agreement?
- Certain property would not be classed as after-acquired property.
- Strictly speaking, the items transferred are after-acquired property.
Additional Notes
- After-acquired is not used at the end of a sentence; accordingly 'The property was after-acquired' would be incorrect.