Impound fund definition
WitrynaIMPOUND FUNDS is defined in Section 11.8. Sample 1 Based on 1 documents Related to IMPOUND FUNDS Reserve Fund Initial Deposit means the initial deposit of cash … Witryna1) to collect funds, in addition to installment payments, from a person who owes a debt secured by property, and place them in a special account to pay property taxes and insurance when due. This protects the lender or seller from the borrower's possible failure to keep up the insurance or a mounting tax bill which is a lien on the property.
Impound fund definition
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Witrynaimpounded; impounding; impounds. To impound something is to legally take it away from its owner. The police might impound your car if you were parked in front of a fire … WitrynaImpound means to take and hold a vehicle in legal custody. There are two types of impounds—public and private. Special Payments Account means the Eligible Deposit Account created pursuant to Section 2.2 as a sub-account to the Collection Account. Insurance Premium means the amount that each Debtor shall pay on a monthly basis …
Witryna30 kwi 2024 · A sinking fund is an account containing money set aside to pay off a debt or bond. Sinking funds may help pay off the debt at maturity or assist in buying back … WitrynaIn the Impound Funding dialog, select the appropriate withdrawal checkbook from the drop-down list. Note: The withdrawal checkbook is the checkbook to be debited for fund transactions while the impound checkbook is credited. 3. Choose Setup / Direct Deposit. 4. Enter the appropriate direct deposit information to be used for the funding ACH
WitrynaAn 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 ... WitrynaAn assignment of, and first priority security interest in, all funds held in the Tax and Insurance Impound Account, Replacement Reserve Account, and any Operating Reserve Account. Until expended or applied as above provided, any amounts in the Tax and Insurance Impound Fund shall constitute additional security for the Debt.
WitrynaIMPOUND FUNDS is defined in Section 11.8. Sample 1 Based on 1 documents Related to IMPOUND FUNDS Reserve Fund Initial Deposit means the initial deposit of cash in the amount of $3,846,153.85 made by or on behalf of the Seller into the Reserve Fund on the Closing Date. Impound means to take and hold a vehicle in legal custody.
WitrynaA. In 1972, President Richard Nixon impounded funds for various social programs. Nixon argued that because Congress lacked a process for controlling the federal budget, budget deficits might expand irresponsibly if the … fishermans oldenburgWitrynaESCROW/IMPOUND FUNDS. Required Reserve Fund Deposit. Disbursement Account has the meaning ascribed to it in Section 1.1 (e). Escrowed Payment. Earnest Money Deposit (EMD) means Bid Security/ monetary or financial guarantee to be furnished by a tenderer along with its tender. Escrowed Property has the meaning set forth in the … fisherman\\u0027s lodge jesmond deneWitrynaA quick definition of impound: 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 … fishermans ramsbottomWitrynaCollected Funds means, with respect to any Collection Period, the amount of funds in the Collection Account representing collections on the Receivables during such … fishermans market longview txWitrynaimpound verb [ T ] LAW uk / ɪmˈpaʊnd / us to take something away from someone because you have the legal right to do so: Companies in breach of the ruling may … fishertools.comWitrynanoun. im· pound· ment im-ˈpau̇n (d)-mənt. Synonyms of impoundment. 1. : the act of impounding : the state of being impounded. 2. : a body of water formed by … fishers eye centerWitrynaAn action taken by the president in which he or she proposes not to spend all or part of a sum of money appropriated by Congress. fishers finery pillow cases