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LSDefine

Simple English definitions for legal terms

impound account

Read a random definition: judgment lien

A quick definition of impound account:

An impound account is a special type of bank account that holds money for paying bills related to a property, like taxes and insurance. It's like a piggy bank that the bank holds onto for you and uses to pay your bills.

A more thorough explanation:

An impound account is a type of account that holds accumulated funds for the payment of periodic debts against real property, such as taxes or insurance. It is also known as an escrow or reserve account. The lender holds the funds and makes the payments on behalf of the borrower.

For example, if a homeowner has a mortgage, the lender may require an impound account to ensure that property taxes and insurance premiums are paid on time. The borrower makes monthly payments to the lender, which includes an amount for taxes and insurance. The lender then holds these funds in the impound account and makes the payments when they are due.

Another example is in the construction industry, where a contractor may require an impound account to ensure that subcontractors and suppliers are paid on time. The owner of the project may deposit funds into the account, and the contractor uses the funds to pay the subcontractors and suppliers.

impostor rule | impoundment

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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