A(n)________ Is Property That a Debtor Acquires Post the Execution

question 49

Multiple Choice

A(n) ________ is property that a debtor acquires post the execution of a security agreement.

• A) repossessed property
• B) after-acquired property
• C) attachment
• D) future advance

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Definitions:

Settlor

An individual or entity that creates a trust by legally transferring assets to a trustee for the benefit of beneficiaries.

Trust Created

The establishment of a fiduciary relationship where a trustee holds and manages assets on behalf of a beneficiary.

Constructive Trust

(1) An implied trust in which a party is named to hold the trust for its rightful owner. (2) An equitable trust imposed on someone who wrongfully obtains or holds legal right to property he or she should not possess.

Created

Brought into existence; the act or process of bringing something into being that did not exist before.