Outrageously Funny Word Dictionary :: Impounding

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What is the definition of Impounding? 🙋

👉 Impounding is a legal procedure used in some jurisdictions to temporarily freeze or suspend the payment of debts, which can be detrimental for creditors. It is typically initiated by a court when a borrower's financial situation becomes insurmountable and they are unable to pay their debt on time. The purpose of impounding is to ensure that any potential collection efforts do not result in further arrears....


impounding

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