Impound fund definition
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. Impoundment is, more generally, the act of detaining something such as animals or personal property due to a legal dispute. In roughly this sense, the President detains funds in the treasury rather than spending them as appropriated. The first use of the power by President Thomas Jefferson involved refusal to spend $50,000 ($1.12 million in 2024) in funds appropriated for the acquisition of gunboats for the United States Navy. He said in 1803 that "[t]he sum of fifty thousa…
Impound fund definition
Did you know?
Impound is an account maintained by mortgage companies to collect amounts such as hazard insurance, property taxes, … Zobacz więcej Impound accounts are often required of borrowers who put down less than 20%. The purpose of the impound account is to protect the … Zobacz więcej Sometimes, a mortgage impound is not required, but a borrower can elect to have one. On one hand, a mortgage impound may tie up money that might be better used … Zobacz więcej
WitrynaCollected Funds means, with respect to any Collection Period, the amount of funds in the Collection Account representing collections on the Receivables during such … 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 …
WitrynaAn 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. 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 …
WitrynaAn 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.
WitrynaCapital Impound Reserves means any capital replacement reserves required by any Facility Mortgagee or by Landlord. Landlord shall initially fund the Capital Impound Reserves and any increases thereto required by any Facility Mortgagee or … granite city dealershipWitrynaVehicle impoundment is the legal process of placing a vehicle into an impoundment lot or tow yard, which is a holding place for cars until they are placed back in the control of … granite city dentistry mnWitryna19 sty 2024 · Reserve Fund: A reserve fund is a savings account or other highly liquid asset set aside by an individual or business for meeting the future costs of upkeep and any unexpected costs that may arise ... granite city dentistryWitrynaESCROW/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 … granite city dealership in saint cloudWitryna22 lut 2024 · An impound or escrow account is essentially a form of forced savings. Annual property taxes and home insurance premiums can be significant expenses. … granite city days 2021WitrynaIMPOUNDMENT OF FUNDS. Presidents from time to time, and especially beginning with the regime of franklin d. roosevelt, have asserted a right not to execute the laws or … granite city days 2023WitrynaMeaning of impound in English. impound. verb [ T ] us / ɪmˈpaʊnd / uk / ɪmˈpaʊnd /. If the police impound something that belongs to you, they take it away because you … chin hairs pregnancy