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Simple English definitions for legal terms

reserve account

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A quick definition of reserve account:

A reserve account is a type of bank account where money is set aside for specific purposes, like paying taxes or insurance. It's like a piggy bank for grown-ups! The money in a reserve account can only be used for the designated purpose, and it's usually managed by a lender or financial institution. This helps ensure that the money is available when it's needed.

A more thorough explanation:

Definition: A type of account, also known as an impound account, that holds accumulated funds for the payment of taxes, insurance, or other periodic debts against real property.

Example: A homeowner sets up a reserve account with their mortgage lender to accumulate funds for the payment of property taxes and homeowners insurance. Each month, a portion of the homeowner's mortgage payment is deposited into the reserve account. When the taxes and insurance bills come due, the lender uses the funds in the reserve account to pay them.

Explanation: The example illustrates how a reserve account works to accumulate funds for the payment of periodic debts against real property. By setting up a reserve account, the homeowner ensures that they have the necessary funds to pay their property taxes and insurance bills when they come due. The lender holds the funds in the reserve account and uses them to make the payments on the homeowner's behalf. This helps to ensure that the homeowner stays current on their obligations and avoids any penalties or fees for late payments.

reservation-of-rights letter | reserve bank

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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.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
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