What is after-acquired title?
Title held by someone who bought property from a seller before the seller received title to the property and who automatically obtained title upon the seller’s receipt of title. The after-acquired title doctrine generally does not apply when a seller receives title by quitclaim deed.
What is the after-acquired doctrine?
It is well established that under the doctrine of after-acquired title, “if a grantor purports to transfer ownership of real property to which he lacks legal title at the time of the transfer, but subsequently acquires legal title to the property, the after-acquired title inures, by operation of law, to the benefit of …
What is the doctrine of estoppel by deed?
Estoppel by deed is a doctrine that precludes individuals from arguing in court a position counter to what that person stated in a previous deed. The doctrine arises most frequently where someone deeded property they did not own, and later, they are involved in a dispute involving that property.
What is acquired title?
A method of gaining legal title to real property by the actual, open, hostile, and continuous possession of it to the exclusion of its true owner for the period prescribed by state law. Personal Property may also be acquired by adverse possession.
What does acquired property?
Acquired Property means (i) Underlying Collateral to which title is acquired by or on behalf of the Company or any Ownership Entity, any Failed Bank or the Receiver by foreclosure, by deed in lieu of foreclosure, by power of sale or by sale pursuant to the Uniform Commercial Code; (ii) the equity interests in the …
What is after acquired inventory?
An after-acquired clause is a provision included in legal contracts ensuring that subsequent acquisitions of assets will be included in the debtor’s liability to the lender. It is sometimes also referred to as the “after-acquired property clause.”
What would convey a property?
Conveyance is the act of transferring property from one party to another. The term is commonly used in real estate transactions when buyers and sellers transfer ownership of land, building, or home. A conveyance is done using an instrument of conveyance—a legal document such as a contract, lease, title, or a deed.
What is title estoppel?
The doctrine of estoppel by deed (also known as after-acquired title) is a particular estoppel doctrine in the context of real property transfers. Under the doctrine, the grantor of a deed (generally the seller of a piece of real property) is estopped (barred) from denying the truth of the deed.
What does land acquired mean?
Land acquisition is the process of buying a piece of land. The motivation behind land acquisition can be varied; perhaps as an alternative investment to shares, as the starting point for a self-build project, to develop at a later date, and so on.
Can you have an after acquired property clause in a mortgage?
In a mortgage (of real property) or security agreement (of personal property), an after acquired property clause provides that any additional property acquired by the borrower after the mortgage or security agreement is signed will be additional collateral for the obligation.
What are the modes of acquiring ownership?
Ownership is acquired by occupation and by intellectual creation. Ownership and other real rights over property are acquired and transmitted by law, by donation, by testate and intestate succession, and in consequence of certain contracts, by tradition.
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