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impound |
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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: forfeit, forfeiture) |
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To them, 30-day impounds are money in the bank, whether or not the owner redeems the vehicle. The operations usually result in anywhere from 80 to 120 impounds each time. California impounds 100,000 cars every year, Bloch said, but some jurisdictions don't take that tactic at all. |
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