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
Details of the slaying were not read out in the court, and the case file, containing the police report, was impounded two weeks before the hearing.
The snake was impounded by the U.S. Fish and Wildlife Service, and TSA said the passenger would be fined.
The companies have to pay a $45 impound fee and a $1-per-day storage fee to pick up their bicycles.
Since then, statistics show the number of vehicles impounded has dropped annually, from 2,672 in 2010 to 1,212 in 2017.
Cities including Nashville and Denver have started impounding scooters by the dozens.
The city issued a cease-and-desist letter to the three companies and impounded improperly parked scooters.
Operators must pay $25 per bike impounded by the city.
Elsewhere, an Aston Martin is impounded after a mysterious crash.
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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