custodian

noun

cus·to·di·an | \ ˌkə-ˈstō-dē-ən

Definition of custodian

: one that guards and protects or maintains especially : one entrusted with guarding and keeping property or records or with custody or guardianship of prisoners or inmates

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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 on the Web

Joe Yacoubian creeps out his audience as the devious and slightly demented custodian Leroy . — Tom Titus, Daily Pilot, "On Theater: ‘Bad Seed’ still a good chiller," 16 July 2019 Quiet and unassuming, the club custodian was only 52 but his look, all jowls and thick greying moustache, gave him the appearance of a man years older. — SI.com, "Vicente del Bosque: The Unluckiest Manager in the World Who Led Spain to Immortality," 5 July 2019 The custodian had run four blocks and banged on doors until someone let him in to use the phone. — Laurel Weibezahn, sun-sentinel.com, "They killed a Fort Lauderdale police officer 45 years ago. Now, they’re seeking parole.," 19 June 2019 The custodian locked the school doors and teachers herded students into the gymnasium and lunchroom, where adults stood guard at entrances. — Kyle Hopkins, ProPublica, "ProPublica’s Local Reporting Network," 16 May 2019 Cooper’s Ferry was to become the custodian of the property, owned by Jeannette Hunt. — Melanie Burney, Philly.com, "Money for Martin Luther King house in Camden diverted to city Fire Department, lawyer says. City is silent on why.," 9 May 2018 Before then, the Daughters had been Alamo custodians and operators since 1905. — Scott Huddleston, ExpressNews.com, "Historian’s exit in San Antonio stirs concern about Alamo," 3 July 2019 The city also intends to provide workers at rec centers - desk staff, coaches, custodians and security personnel - with extensive crisis-intervention training to recognize potential health issues in young children and teens. — Robert Higgs, cleveland.com, "Architect of Mayor Frank Jackson's anti-violence, crime efforts with youth leaving post," 25 Apr. 2018 Wylie’s mother, Bridget Miles, works as a custodian for the East Jefferson YMCA, which is located at 6691 Riverside Drive in Metairie. — Earl Hodges, nola.com, "Victior Wylie explores new passion thanks to YMCA," 13 June 2019

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.

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Last Updated

21 Jul 2019

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The first known use of custodian was in 1602

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More Definitions for custodian

custodian

noun

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.

Source: Investing Answers

custodian

noun