Examples of custodian in a Sentence
the custodian made his usual rounds of the building to make sure that everything was OK
served as custodian of the prisoner until he could be turned over to federal authorities
Recent Examples of custodian from the Web
Previously, DePaul said some of the cleaning performed at night will be shifted to the morning crew or to head custodians.
Volunteers from the group, one of 20 local chapters, head out early in the morning in the hope of finding the victims before building custodians dispose of them.
Also eligible will be about 225 staff members who work at the school, including teachers, custodians, food service workers and administrators.
In its service unit, this union represents 9,000 individuals who work as custodians, groundskeepers, security guards and more.
The case arose in 2008, when Otis McDonald, a retired custodian, and others filed suit in U.S. District Court to challenge a 1982 Chicago law that banned the new registration of handguns.
The amusement park is offering jobs for ride operators, lifeguards, ticket sellers, cooks, custodians, security guards and other positions.
One custodian apparently refused to clean that area after experiencing something particularly spooky.
Authorities laid out basic requirements for companies looking to issue depositary receipts, from the responsibilities of custodian banks to the need for escrow agreements, adding to measures that already exist in current Chinese securities law.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'custodian.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
Financial Definition of CUSTODIAN
What It Is
A custodian is an institution or individual that can act as an agent and exercise legal authority over the financial assets of another individual or company.
How It Works
A custodian typically handles a variety of activities, including physically holding equities and bonds, settling purchases and sales, reporting the status of assets, tax compliance and reporting, and management of the client's accounts and transactions.
For example, a bank may act as a custodian for a customer's investment activities, moving funds into brokerage accounts, researching investment alternatives such as companies and funds which might be appropriate investment targets, instructing brokers to buy or sell securities, monitoring the investment activities within the account, and reporting account activity to the owner. The custodian may also prepare the necessary tax filings on behalf of the owner, based on the activities within the account.
Custodians may be appointed to hold control of assets of a minor or an incapacitated adult. An adult with legal status may act as the custodian for the accounts of a minor. For example, a common tax strategy is to give a financial gift to a minor when their tax rate is lowest. Under the Uniform Transfers to Minors Act (UTMA), an adult or parent establishes the account on behalf of the minor and serves as custodian, maintaining the legal authority and direction over the custodial account. When the minor becomes an adult, the custodian relinquishes his or her authority over the account.
The custodian role is often held by banks, law firms, or accounting firms which usually carry additional fees for the services.
Why It Matters
Custodian services are generally useful for absentee owners (i.e. owners who are not interested or able to be involved in the day-to-day management activities of their accounts), as well as complex transactions, management of substantial assets, timely reporting and compliance, and tax management strategies.
CUSTODIAN Defined for English Language Learners
Definition of custodian for English Language Learners
: someone who keeps and protects something valuable for another person
: a person who cleans and takes care of a building
CUSTODIAN Defined for Kids
legal Definition of custodian
Seen and Heard
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