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after acquired property

after-acquired property. 1. Secured transactions. A debtor’s property that is acquired after a security transaction and becomes additional security for payment of the debt. UCC § 9-204. — Also termed future-acquired property. [Cases: Secured Transactions 13, 116. C.J.S. Secured Transactions §§ 12, 85.] 2. Bankruptcy. Property that the bankruptcy estate acquires after commencement of the […]

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family allowance

A portion of a decedent’s estate set aside by statute for a surviving spouse, children, or parents, regardless of any testamentary disposition or competing claims. • Every state has a statute authorizing the probate court to award an amount for the temporary maintenance and support of the surviving spouse (and often for dependent children). The

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instrument

instrument. 1. A written legal document that defines rights, duties, entitlements, or liabilities, such as a contract, will, promissory note, or share certificate. “An ‘instrument’ seems to embrace contracts, deeds, statutes, wills, Orders in Council, orders, warrants, schemes, letters patent, rules, regulations, bye-laws, whether in writing or in print, or partly in both; in fact,

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