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LSDefine

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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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
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the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
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22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
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JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
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