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
The school custodian, Joe Bowen, tackled Sharpe and stripped him of his weapon.
The city records custodian must deliver the documents by Oct. 3.
Her Petruchio, here, tells her not to worry because the sisterhood on stage alongside her – including a show-stealing Hollis Resnik, doubling as club custodian and a dirty old man – has her back.
However, after a slight fumble initially, custodian Costel Pantilimon was able to smother the Frenchman's low effort.
According to a District 97 memo, previous facility usage by renters involved very little district oversight, with some organizations paying nothing to rent space and paying little or no custodian fees.
As its assets have swelled, BlackRock has sought new markets for its internal Aladdin risk management and technology platform, pushing further into services for custodians and wealth managers.
However, the formation is also a sacred site for Anangu Aboriginals—the custodians of the land.
State law considers recall petitions to be a public record and the recall organizer to be the custodian of the records.
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.
First Known Use of custodian
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
CUSTODIAN Defined for Kids
legal Definition of custodian
Seen and Heard
What made you want to look up custodian? Please tell us where you read or heard it (including the quote, if possible).