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
Police are required to search through vehicles before they are impounded, Channel 2 reported.
Officers have located one of the two vehicles involved, a red Dodge Ram pickup, and impounded it as evidence, Thim said.
By 2014, when no other option existed than to repossess his cows, the Bureau of Land Management handed down orders to impound them.
The founder of a Spanish aid group that rescues migrants in the Mediterranean says Italian authorities have released his organization's ship after impounding it for taking 218 migrants to Italy.
Police found the taser and impounded it as evidence.
Judges can order guns to be impounded for a limited time and, in some states, can bar people from buying new ones.
The officer impounded her vehicle and arrested her.
When the machines are close enough to a town to be impounded, Colombian authorities do so.
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.
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
legal Definition of impound
- impound a vehicle
- the police impounded the dwelling until the search warrant was obtained
Seen and Heard
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