Impound Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Impound, written in plain English, along with examples of how it is used.

What is Impound?

It refers to collection of the money as an installments for the repayment of the loan along with some extra funds to pay the property tax and the insurance of the property against which the borrower has borrowed the money This helps the lender meet the expenses of paying the insurance and taxes incase he/she has to sell the property on account of non payment by the borrower. It also means seizure of the property, homes, accounts, automobiles etc to be kept in legal custody as an outcome of criminal trial.