👉 The concept of an "impounded" is a legal term that refers to the act of holding property for someone else, typically in exchange for payment or compensation. Impounded properties are often used as collateral for loans or other financial transactions, and they can be either real estate or personal assets such as vehicles or livestock. In the context of law, impounding is a common practice in many jurisdictions that allows banks to temporarily hold certain types of property (such as cars) until the owner makes payment.
