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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
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The client has the ability to terminate or change the instruction to the client's qualified custodian.
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AR 380-40 requires that all COMSEC accounts have trained personnel to perform as COMSEC custodians. There are two different types of training for COMSEC material management.
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Property must be transferred to a custodian who holds it as custodian for the minor under the relevant state's Gifts or Transfers to Minors Act.
Chapter 23: Uniform Gifts/Transfers to Minors Acts
With an estimated $50 million budget shortfall between 2000 and 2005, Portland had already closed two elementaries, increased class sizes and trimmed school days (until the district held the dubious honor of offering the shortest school year in the country)--all before resorting to firing the district's 300 custodians. The job was turned over to Portland Habilitation Center for $9.6 million the first year, and a majority of the unemployed union custodians were picked up.
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Pungent brown and green dust wafts from the Torrington Livestock Auction grounds, over the THS football field and into the jurisdiction of head custodian Bob McCarty.
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Certain evidentiary issues arise when a third-party custodian, such as a bank trust department, provides services related to an entity's investments, including maintaining custody of or investing assets.
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I said that we should talk to the custodian and ask that he clean it more often.
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On March 16, 1994, Freddie Mac released its Seller/Servicer Bulletin #94-4 announcing new document custodian eligibility requirements.
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