Examples of safekeeping in a Sentence
His will is in safekeeping with his lawyer.
while she was away on business, the single mom entrusted her daughter into her in-laws' safekeeping
Recent Examples of safekeeping from the Web
After Diane's death, Tex asked his buddy Sheriff Sills to go out to his ranch and collect his guns for safekeeping.
The search parties might have lynched Higginbotham right then and there, but the Pontotoc County sheriff sent him to Jackson, Miss., 150 miles away, for safekeeping.
That’s like handing the chickens over to the wolf for safekeeping, since PHA has its own blight issues.
Open investigation As some officers interviewed the freshman, others went to his house and took away two shotguns for safekeeping.
As the hour of judgment approaches, the pies get their official glamour shots taken and are whisked away for safekeeping.
Congress could leverage its control of the Justice Department’s nominees and purse strings to ensure its safekeeping while other matters were sorted out.
The banking legislation would ease that requirement for a handful of custody banks, which hold large amounts of deposits at the Fed in safekeeping for institutional investors.
Attempts to reach the owner were unsuccessful and the wallet was placed into evidence for safekeeping.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'safekeeping.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
Financial Definition of SAFEKEEPING
What It Is
Safekeeping is a term describing a financial institution's responsibility to keep clients' assets in a safe area.
How It Works
Let's say John Doe deposits $4,000 into his savings account at Bank XYZ. Bank XYZ has an obligation to keep John's $4,000 separate and apart from its own accounts that it uses to pay the bank employees and other expenses.
Similarly, John Doe's brokerage firm has a responsibility to keep the money in his account separate from the brokerage firm's own cash and house accounts.
Why It Matters
One of the fundamental purposes of the entire banking industry is safekeeping. That is, they provide people with a safe place to keep their money until they need it.
A safekeeping certificate is a document that proves that a person owns a security or a CD. American Depository Receipts (ADRs) are some of the most common forms of safekeeping certificates. Issued by U.S. banks, American Depository Receipts (ADRs) are certificates that represent shares of a foreign stock owned by the issuing bank. The foreign shares are usually held in custody overseas, but the certificates trade in the U.S. Through this system, a large number of foreign-based companies are actively traded on one of the three major U.S. equity markets (the NYSE, AMEX or Nasdaq).
SAFEKEEPING Defined for English Language Learners
Definition of safekeeping for English Language Learners
: the act of keeping something safe
: the state of being kept safe
SAFEKEEPING Defined for Kids
Definition of safekeeping for Students
Seen and Heard
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