Simple English definitions for legal terms
Read a random definition: cheating
Impound: When the police or court take someone's things, like a car or a building, because of a crime. Sometimes the owner can get their things back, but other times the things are given to the government. Impound can also mean taking money from someone who owes a debt and putting it in a special account to pay for things like property taxes and insurance, so the lender or seller doesn't lose money.
Definition: Impound refers to the act of taking custody of personal property by the court or police in criminal law. This can include items such as automobiles or buildings. The property may be returned to the owner at the end of the proceeding or it may be forfeited to the state, especially in cases involving illegal drugs.
Impound can also refer to the collection of funds from a person who owes a debt secured by property. These funds are collected in addition to installment payments and deposited in a separate account to pay property taxes and insurance. This helps to protect the lender or seller against the borrower's failure to maintain insurance coverage or pay tax bills that constitute a lien on the property.
Examples:
The examples illustrate how impound can be used in different contexts. In criminal law, impounding property can be used as a way to prevent further criminal activity or to ensure that the defendant does not dispose of evidence. In the context of mortgages, impounding funds helps to protect the lender's investment in the property by ensuring that taxes and insurance are paid on time.