Impound fund definition
Witryna1 paź 2024 · Impound accounts mitigate a lender 's risk because they ensure that the homeowner won't lose the house (which is the bank's collateral for the mortgage) due … 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 …
Impound fund definition
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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 … WitrynaESCROW/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 …
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. 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.
WitrynaHow to use impound in a sentence. to shut up in or as if in a pound : confine; to seize and hold in the custody of the law; to take possession of… See the full definition Witrynanoun. 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 …
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.
WitrynaCollected Funds means, with respect to any Collection Period, the amount of funds in the Collection Account representing collections on the Receivables during such … slow oven baked country style pork ribsWitrynaCapital 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 … software to draw diagramsWitryna4 wrz 2024 · What is an escrow or impound account? An escrow account, sometimes called an impound account depending on where you live, is set up by your mortgage … slow oval coffee tableWitryna19 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 ... software to draw equivalent circuitsWitrynaDefinition of Impoundment (CRS). Impoundment includes any executive action to withhold or delay the spending of appropriated funds. One useful distinction among impoundment actions, which received statutory recognition in the 1974 Impoundment Control Act, focuses on duration: whether the President’s intent is permanent … software to draw football playsWitrynaIMPOUNDMENT 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 … slow oven baked ribsWitryna19 lut 2024 · What Is An Impound Account? An impound account holds your funds to pay for real estate expenses outside of a mortgage, such as property taxes and … software to draw electronic circuit diagram