578 CHAPTER Twenty-Seven

578 CHAPTER Twenty-Seven

IMPERATIVE NECESSITY — Circumstances under which an agent has expanded authority in an emergency, including the power to disobey instructions where it is clearly in the interests of the principal and where there is no time to obtain instructions from the principal. IMPOUNDS — A trust type account established by lenders for the accumulation of borrowers funds to meet periodic payment of taxes, FHA mortgage insurance premiums, and/or future insurance policy premiums, principal, interest, taxes and insurance payment is commonly termed a PITI payment.