Impound fund definition
Witryna4 wrz 2024 · What is an escrow or impound account? An escrow account, sometimes called an impound account depending on where you live, is set up by your mortgage … Witrynaimpound in American English (ɪmˈpaʊnd ) verb transitive 1. to shut up (an animal) in a pound 2. to take and hold (a document, funds, a vehicle, etc.) in legal custody 3. to …
Impound fund definition
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Witryna1 : the act of impounding : the state of being impounded 2 : a body of water formed by impounding Synonyms captivity confinement immurement imprisonment … Impoundment is, more generally, the act of detaining something such as animals or personal property due to a legal dispute. In roughly this sense, the President detains funds in the treasury rather than spending them as appropriated. The first use of the power by President Thomas Jefferson involved refusal to spend $50,000 ($1.12 million in 2024) in funds appropriated for the acquisition of gunboats for the United States Navy. He said in 1803 that "[t]he sum of fifty thousa…
Witrynaimpounded; impounding; impounds. To impound something is to legally take it away from its owner. The police might impound your car if you were parked in front of a fire … WitrynaESCROW/IMPOUND FUNDS. Required Reserve Fund Deposit. Disbursement Account has the meaning ascribed to it in Section 1.1 (e). Escrowed Payment. Earnest Money Deposit (EMD) means Bid Security/ monetary or financial guarantee to be furnished by a tenderer along with its tender. Escrowed Property has the meaning set forth in the …
Impound is an account maintained by mortgage companies to collect amounts such as hazard insurance, property taxes, … Zobacz więcej Impound accounts are often required of borrowers who put down less than 20%. The purpose of the impound account is to protect the … Zobacz więcej Sometimes, a mortgage impound is not required, but a borrower can elect to have one. On one hand, a mortgage impound may tie up money that might be better used … Zobacz więcej WitrynaDefinition of Impoundment (CRS). Impoundment includes any executive action to withhold or delay the spending of appropriated funds. One useful distinction among impoundment actions, which received statutory recognition in the 1974 Impoundment Control Act, focuses on duration: whether the President’s intent is permanent …
WitrynaESCROW/IMPOUND FUNDS. Required Reserve Fund Deposit. Disbursement Account has the meaning ascribed to it in Section 1.1 (e). Escrowed Payment. Earnest Money …
Witryna19 sty 2024 · Reserve Fund: A reserve fund is a savings account or other highly liquid asset set aside by an individual or business for meeting the future costs of upkeep and any unexpected costs that may arise ... list of sensitive conceptsWitrynaAn impound account is a type of account that holds accumulated funds for the payment of periodic debts against real property, such as taxes or insurance. It is also known as an escrow or reserve account. The lender holds the funds and makes the payments on behalf of the borrower. For example, if a homeowner has a mortgage, the lender may ... list of sensory disabilitiesWitryna1) to collect funds, in addition to installment payments, from a person who owes a debt secured by property, and place them in a special account to pay property taxes and insurance when due. This protects the lender or seller from the borrower's possible failure to keep up the insurance or a mounting tax bill which is a lien on the property. list of serial killers who were never caughtWitryna10 kwi 2024 · impound in American English (ɪmˈpaʊnd ) verb transitive 1. to shut up (an animal) in a pound 2. to take and hold (a document, funds, a vehicle, etc.) in legal custody 3. to gather and enclose (water) for irrigation, etc. Webster’s New World College Dictionary, 4th Edition. Copyright © 2010 by Houghton Mifflin Harcourt. All rights … immanuel baptist church corbin kentuckyWitrynaHow to use impound in a sentence. to shut up in or as if in a pound : confine; to seize and hold in the custody of the law; to take possession of… See the full definition immanuel baptist church decatur texasWitrynaIMPOUND FUNDS is defined in Section 11.8. Sample 1 Based on 1 documents Related to IMPOUND FUNDS Reserve Fund Initial Deposit means the initial deposit of cash in the amount of $3,846,153.85 made by or on behalf of the Seller into the Reserve Fund on the Closing Date. Impound means to take and hold a vehicle in legal custody. immanuel baptist church finchWitrynaAn assignment of, and first priority security interest in, all funds held in the Tax and Insurance Impound Account, Replacement Reserve Account, and any Operating Reserve Account. Until expended or applied as above provided, any amounts in the Tax and Insurance Impound Fund shall constitute additional security for the Debt. list of sensitive pii