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impound :: legal definition


Impound - v. 1) 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. 2) to take away records, money or property, such as an automobile or building, by government action pending the outcome of a criminal prosecution. The records may be essential evidence, or the money or property may be forfeit to the state as in illegal drug cases.

See also: forfeit forfeiture and Related Law Terms ↓


Related Law Terms

ad valorem :: adj. Latin for "based on value," which applies to ... per parcel. See also: property tax
assess :: v. to set a value on property, usually for the pur ... e place upon sale of real property.
attachment :: n. the seizing of money or property prior to getti ... bond. See also: writ of attachment
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
basis :: n. the original cost of an asset to be used to det ... ssistance. See also: adjusted basis
capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange
claim :: 1) v. to make a demand for money, for property, or ... the government, it is lawsuit time.
convey :: v. to transfer title (official ownership) to real ... ion conveyance deed grantee grantor
conveyance :: n. a generic term for any written document which t ... r Recorder of Deeds. See also: deed
deed :: 1) n. the written document which transfers title ( ... veyance deed of trust warranty deed
double taxation :: n. taxation of the same property for the same purp ... it is not discriminatory or unfair.
encumbrance :: (incumbrance)n. a general term for any claim or li ... and must be paid for at some point.
foreclosure :: n. the system by which a party who has loaned mone ... ced sale mortgage notice of default
forfeit :: v. to lose property or rights involuntarily as a p ... drunk driving. See also: forfeiture
fraud :: n. the intentional use of deceit, a trick or some ... audulent conveyance intrinsic fraud
grant deed :: n. the document which transfers title to real prop ... rant grantee grantor quitclaim deed
insurance :: n. a contract (insurance policy) in which the insu ... t clause Workers' Compensation Acts
interest :: n. 1) any and all, partial or total right to prope ... nal property real property standing
joint tenancy :: n. a crucial relationship in the ownership of real ... ty property tenancy in common title
lease :: 1) n. a written agreement in which the owner of pr ... triple net lease unlawful detainer
leverage :: 1) n. the use of borrowed money to purchase real e ... e been created by risky leveraging.
levy :: 1) v. to seize (take) property upon a writ of exec ... heriff's sale tax writ of execution
lien :: n. any official claim or charge against property o ... ord's lien mechanic's lien mortgage
lis pendens :: (lease pen-dense) n. Latin for "a suit pending," a ... ob can be penalized by court order.
marital deduction :: n. an estate tax deduction allowed a surviving spo ... community property estate tax trust
mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed
pro rata :: (proh rat-ah or proh ray-tah) adj. from Latin for ... e year in which he/she holds title.
promissory note :: n. a written promise by a person (variously called ... lso: interest obligee obligor usury
property tax :: n. an annual governmental tax on real property or ... are made. See also: ad valorem tax
protest :: 1) v. to complain in some public way about any act ... dishonored (not paid by the bank).
quiet title action :: n. a lawsuit to establish a party's title to real ... opposition. See also: notice title
record :: 1) v. (ree-cored) to put a document into the offic ... eeding race to the courthouse trial
risk :: n. chances of danger or loss, particularly of prop ... so: assumption of risk risk of loss
satisfaction of judgment :: n. a document signed by a judgment creditor (the p ... ord. See also: abstract of judgment
tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax
title :: n. 1) ownership of real property or personal prope ... ink slip real property title search
title insurance :: n. a policy issued by an insurance company guarant ... : chain of title title title search
title report :: n. the written analysis of the status of title to ... lso: abstract title title insurance
title search :: n. the examination of county records for the prope ... e escrow lien title title insurance

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - I

i.e. :: prep. abbreviation for id est, which is Latin for ... "e.g.," which means "for example."
illegal :: 1) adj. in violation of statute, regulation or ord ... . See also: alien illegal immigrant
illegal immigrant :: n. an alien (non-citizen) who has entered the Unit ... ion date of a visa. See also: alien
illusory promise :: n. an agreement to do something that is so indefin ... he may have thought was a contract.
immaterial :: adj. a commonly heard objection to introducing evi ... ons. See also: irrelevant objection
immediately :: adv. 1) at once. 2) in orders of the court or in c ... oon as can be done" without excuse.
immunity :: n. exemption from penalties, payments or legal req ... ws. See also: governmental immunity
impanel :: v. to select and install a jury. See also: impanel ... l a jury. See also: impaneling jury
impaneling :: n. the act of selecting a jury from the list of po ... e juror jury panel venire voir dire
impeach :: v. 1) to discredit the testimony of a witness by p ... ve been found guilty by the Senate.
impeachment :: n. 1) discrediting a witness by showing that he/sh ... the trial itself. See also: impeach
impleader :: n. a procedural device before trial in which a par ... than having two suits in a series.
implied :: adj., adv. referring to circumstances, conduct or ... nt implied consent implied warranty
implied consent :: n. consent when surrounding circumstances exist wh ... aybe" or "later." See also: implied
implied contract :: n. an agreement which is found to exist based on t ... : contract express contract implied
implied covenant of good faith and fair dealing :: n. a general assumption of the law of contracts, t ... -long employment. See also: implied
implied warranty :: n. an assumption at law that products are "merchan ... er. See also: caveat emptor implied
impossibility :: n. when an act cannot be performed due to nature, ... cel) a contract. See also: contract
impotence :: n. the male's inability to copulate. Impotence can ... eans inability to produce children.
impound :: v. 1) to collect funds, in addition to installment ... cases. See also: forfeit forfeiture