Custodian

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Custodian

Either (1) a bank, agent, trust company, or other organization responsible for safeguarding financial assets, or (2) the individual who oversees the mutual fund assets of a minor's custodial account.

Custodian

A brokerage or other financial institution that holds and manages a client's securities or other assets on his/her behalf. This reduces the risk of the client losing his/her assets or having them stolen. They are also available to the brokerage to sell at the client's demand. Like a bank, a custodian provides an investor a place to store assets with little risk. Brokerages normally require a fee for custodial services. See also: Safekeeping.

custodian

An organization, typically a commercial bank, that holds in custody and safekeeping someone else's assets. These assets may be cash, securities, or virtually anything of value.

Custodian.

A custodian is legally responsible for ensuring that an item or person is safe and secure. In investment terms, a custodian is the financial services company that maintains electronic records of financial assets or has physical possession of specific securities.

The custodian's client may be another institution, such as a mutual fund, a corporation, or an individual. For example, with an individual retirement account (IRA), the custodian is the bank, brokerage firm, or other financial services company that holds your account.

Similarly, the Depository Trust Company, a subsidiary of the Depository Trust and Clearing Corporation (DTCC), is the custodian of millions of stock certificates held in its vaults.

References in periodicals archive ?
Generally 18 or earlier death for transfers by irrevocable lifetime gift, transfers by irrevocable exercise of a power of appointment, or transfers authorized in a will or trust; however, for any such transfer, the custodianship may be extended to a later age but not beyond 21.
They said the government has no right to interfere in imposing custodianship and restricting mosques and ma'atams, especially when it is governed by a religious authority.
7) It seems, though, that extending the custodianship beyond the donee's age 21 (which some states permit) may disqualify the gift for the annual exclusion.
Anne objected, because North Carolina had replaced the UGMA with the Uniform Transfer to Minors Act in 1987, which provides that a custodianship terminates when a beneficiary turns 21, not 18.
Among the few individual contributions that left an indelible impression I'd cite Lima-born Fernando Bryce's extraordinary compendium of 543 Chinaink drawings, which collects into a visual atlas of the life of the Peruvian nation over seven decades, and Berlin-based Tino Seghal's dancing museum guards, who cleverly transform passive custodianship into active artwork.
To be sure, Henry VIII proved correct in his suspicions of the antimonarchical implications of every man's custodianship of his own soul.
We must deny the UN further custodianship of children by withdrawing our sovereign nation from the world body's corrosive influence.
One of the largest and best-preserved kasbahs, Ait Benhaddou, has been placed under UNESCO custodianship.
In writing this book, Shannon is expanding a tradition of community-centric scholars as the acknowledged experts in an arena prone to the custodianship of others, a practice to which Wilson called attention and denounced in his much-publicized debate with Robert Brustein at Town Hall.
In comparing four cases of relic theft, in which the movement of relics from India to their eventual shrine in Sri Lanka is treated as an outcome of the Buddha's expressed intention, Trainor concludes that the theft accounts indicate both the desirability of the relics and the risk of disrespect implicit in the relics "changing hands," which consequently legitimizes the sangha's custodianship of them.
After several years of discussion with a task force of citizens, environmentalists, county, state and federal officials, and DWP staffers, I entered, at their direction, into discussion with the Santa Monica Mountains Conservancy to have them take over custodianship on a 10-year lease.