What is an impounded?
noun. a body of water confined within an enclosure, as a reservoir. the act of impounding: towing and impoundment of abandoned vehicles. the condition of being impounded.
What is a impound clause?
An escrow account, sometimes called an impound account depending on where you live, is set up by your mortgage lender to pay certain property-related expenses. The money that goes into the account comes from a portion of your monthly mortgage payment.
What is the difference between impound and escrow?
An impound account (also called an escrow account, depending on where you live) is simply an account maintained by the mortgage company to collect insurance and tax payments that are necessary for you to keep your home, but are not technically part of the mortgage.
What does impoundment mean in government?
Impoundment is an act by a President of the United States of not spending money that has been appropriated by the U.S. Congress. Thomas Jefferson was the first president to exercise the power of impoundment in 1801.
What is an impound finance?
Impound is an account maintained by mortgage companies to collect amounts such as hazard insurance, property taxes, private mortgage insurance, and other required payments from the mortgage holders. These payments are necessary to keep the home but are not technically part of the mortgage.
What is an impounding reservoir?
Impounding reservoirs are usually formed by placing a dam across a natural watercourse causing water to build up behind it. Non-impounding reservoirs are usually formed by the construction of embankments on all sides of the reservoir with water having to be transferred into them, normally by pumping.
How do you use impoundment in a sentence?
There will be a constant flow of water through the impoundment with complete water change every 1.4 days in normal conditions. New clause 17 specifies that a measure of sealing must be carried out there before impoundment. Impoundment of the lake began in 1964, and the lake was filled to its conservation level in 1968.
What is impounding water?
Impoundments are artificially constructed water bodies, and they share the basic ecological processes seen in natural lakes. We do observe differences, however, which are typically due to the fact that artificial water bodies are constructed for particular purposes.
Why do I have an escrow balance?
In many mortgages, funds are held in escrow to pay property taxes and homeowners insurance. When your taxes or insurance is due, the company servicing the loan will take the money out of your escrow balance to pay those bills.