Definition of impound
1a : to shut up in or as if in a pound : confineb : to seize and hold in the custody of the lawc : to take possession of she was dismissed and her manuscript impounded — Jonathan Weiner
2 : to collect and confine (water) in or as if in a reservoir
Examples of impound in a Sentence
The police impounded her car because it was illegally parked.
impound evidence for a trial
Recent Examples of impound from the Web
Authorities say a Birmingham man broke into a Hoover towing business to take back vehicle that had been impounded hours earlier from another man.
The diplomatic facilities in the U.S. that Trump wants to return to Russia—and which Russia is impatiently demanding from him—were impounded as part of that response.
The truck was impounded, including all of our equipment.
The Associated Press reports that the 9th U.S. Circuit Court of Appeals on Wednesday ruled that authorities can no longer impound a person’s vehicle for a set period of time without just cause.
The relative was stopped by Los Angeles police and the vehicle was impounded upon finding out that the driver’s license was suspended.
The vehicle was seized, and placed in the sheriff’s office impound lot, officials said.
Nine hours after the robbery, Hialeah police and SWAT burst into Green’s home, impounded the two cars and retrieved the victim’s stolen purse.
Southlake police seized the truck and impounded it.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'impound.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
First Known Use of impound
Financial Definition of IMPOUND
What It Is
In the real estate world, an impound is an account that mortgage companies use to collect property taxes, homeowners insurance, private mortgage insurance and other payments that are required by the homeowner but are not part of principal and interest. Impound accounts are also called escrow accounts.
How It Works
Let's say John Doe buys a house and borrows $100,000. The interest rate is 4%, and the loan is a 30-year mortgage. His monthly payment is $477.42, which includes interest and principal.
John Doe didn't put down 20%, so the lender requires an impound account. Every month, another $250 is deducted automatically from John's checking account and put in the impound account. This ensures that the money is there to pay the insurance and property tax bills when they arrive every six months.
Why It Matters
Impound accounts mitigate a lender's risk because they ensure that the homeowner won't lose the house (which is the bank's collateral for the mortgage) due to tax liens or unpaid insurance bills. Usually, the mortgage lender is responsible for paying the tax and insurance bills out of the impound account on time; however, if the mortgage lender fails to do so, the homeowner is still on the hook.
Usually, lenders require impound accounts when the borrower puts down less than 20% on a house. If the borrower puts down more than 20%, impound accounts aren't always required, though they are often convenient for ensuring that the bills are paid.
IMPOUND Defined for English Language Learners
Definition of impound for English Language Learners
: to use legal powers to get and hold (something)
IMPOUND Defined for Kids
Definition of impound for Students
: to shut up in or as if in an enclosed place impound cattle
Legal Definition of impound
: to take control of in the custody of the law or by legal authority impound a vehicle the police impounded the dwelling until the search warrant was obtained
Seen and Heard
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