However , a security agreement may specify that it includes after - acquired property .
If a borrower pledges as collateral a car owned by a neighbor , and the neighbor does not know of and endorse this pledge , then the security agreement is ineffective .
A security agreement may specify that it includes after - acquired property .
If a borrower pledges as collateral a car owned by a neighbor , and the neighbor does not know of and endorse this pledge , then the security agreement is ineffective .