FUTURE ACQUIRED PROPERTY. Mort gages, especially of railroad companies are trequently made in terms to cover after-ac quired property ; such as rolling stock, etc. Such mortgages are valid ; Philadelphia, W. & B. R. Co. v. Woelpper, 64 Pa. 366, 3 Am. Rep. 596 ; Pierce v. Emery, 32 N. H. 484; Shaw v. Bill, 95 U. S. 10, 24 L. Ed. 333 ; L. R. 16 Eq. 383. This may include future net earnings ; Dunham v. Isett, 15 Ia. 284; the proceeds to be received from the sale of sur plus lands ; L. R. 2 Ch. 201; a ditch or flume in process of construction, which was held to cover all iniprovements and fixtures there after to be put on the line thereof ; De Ar guello v. Greer, 26 Cal. 620 ; rolling stock, etc.; Philadelphia, W. & B. R. Co. v. Woelp per, 64 Pa. 366, 3 Am. Rep. 596 ; Benjamin v. R. Co., 49 Barb. (N. Y.) 441. Future calls Of assessments on stock cannot be mortgag ed; L. R. 10 Eq. 681; but calls already made can be ; id.
Locomotives bought under a conditional sale,- reserving title in the vendor, pass un der an after-acquired clause to a mortgagee of the railroad, subject to the vendor's rights ; Contracting & Building Co. of Ken tucky v. Trust Co., 108 Fed. 1, 47 C. C. A. 143.
A power in a Kentucky hotel company's charter to mortgage "all its property" does not sustain a mortgage covering after-ac quired personal property; In re New Galt House Co., 199 Fed. 533, following Kentucky cases, but the authorities are contra; In re Medina Quarry Co., 179 Fed. 929 ; Trust Co. of America v. City of Rhinelander, 182 Fed. 64 ; Zartman v. Bank, 189 N. Y. 267, 82 N. E. 127, 12 L. R. A. (N. S.) 1083.
By statutes in most of the states a will speaks as of the death of the testator and ordinarily passes property acquired after its date. See SALE ; EXPECTANCY ; MORTGAGE.