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
And five tickets for either violation prompts the city to impound the vehicle.
For example, in 1974, when President Richard Nixon used executive orders to impound federal funds that Congress had already appropriated across a range of departments and agencies, Congress moved to stop him.
This photo shows how the gaps will be built to help restore the natural flow of water into and out of the area through a spoil bank that impounds the area.
Tucson police impounded the cards, and Malzahn drove off in a vehicle that had some blood on the center console, inside door panels and sunroof area, according to the Clifton acquaintance.
In contrast, Northern California’s Shasta Dam impounds 4,552,000 acre-feet of Sacramento River water, creating the largest reservoir in the state.
Each of the tow companies whose owners or employees donated to 2012 mayoral candidates hold contracts with the city of San Diego to transport cars after they are crashed or impounded.
Finding that the president had abused his statutory power to impound funds, Congress enacted the Budget and Impoundment Control Act of 1974 to permanently eliminate presidential authority to do this.
The towing company arrived and the car was impounded with a traffic hold, according to the report.
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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