Impound Account
Concept of Impound Account in the context of Real Property
A short definition of Impound Account: Account held by a lender for payment of taxes, insurance, or other periodic debts against real property. The mortgagor or trustor pays a portion of, for example, the yearly taxes, with each monthly payment. The lender pays the tax bill from the accumulated funds.
Concept of Impound Account in the context of Real Property
A short definition of Impound Account: Account held by a lender for payment of taxes, insurance, or other periodic debts against real property. The mortgagor or trustor pays a portion of, for example, the yearly taxes, with each monthly payment. The lender pays the tax bill from the accumulated funds.
Meaning of Impound Account
In this law dictionary, the legal term impound account is a kind of the Accounting class.
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