Definition of safekeeping
1 : the act or process of preserving in safety
2 : the state of being preserved in safety
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
He was released on Tuesday night and booked into Mobile County Jail for safekeeping.
The liquor license is in safekeeping, which suggests that a new operator is on the way.
Some of the finest horses were spirited away to Woodburn Farm (now Airdrie Stud) in Woodford County, Ky., for safekeeping, thus giving a boost to the Blue Grass state’s own Thoroughbred industry.
Just zip away your stains, portion by portion, and tuck them away in your diaper bag for safekeeping.
Some of the finest horses were spirited away to Woodburn Farm (now Airdrie Stud) in Woodford County, Ky., for safekeeping, thus giving a boost to the Blue Grass state's own Thoroughbred industry.
Police have the scooter at the station for safekeeping until its owner claims it.
The Port of Seattle came to the rescue Friday morning in efforts to preserve retired tunnel-boring machine Bertha by taking a 20-ton spoke Friday morning to its Terminal 5 for safekeeping.
The Augustinians saved it, repaired it, and sent it here 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.
First Known Use of safekeeping
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
: the act of keeping safe : protection from danger or loss He gave me his watch for safekeeping while he went for a swim.
Seen and Heard
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