Business, Legal & Accounting Glossary
n. title to property acquired after the owner attempts to sell or transfer the title to another person before he/she actually got legal title. When the title is acquired by the seller in this paper shuffle, title automatically goes to the person to whom it was sold, passing through the person who acquired title “like a dose of salts” on its way to the new purchaser. Example: John signs, acknowledges, and records a deed of the ranch to Sam, but John has not yet received title from the estate of his late father. When John gets title from his father’s estate and records it, the after-acquired title goes automatically to Sam.
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This glossary post was last updated: 26th April, 2020 | 0 Views.