Business Glossary
SEARCH THE BUSINESS GLOSSARY
Business Definition for: custody account
custody account
- account held in trust by a parent for a minor under the uniform gift to minors act . Minors cannot transfer assets without approval of the account trustee.
- account held by a custodian for an institution such as a mutual fund, pension fund, or a corporate customer. The bank holds the customer's property in safekeeping, as provided by a written agreement, collects dividends and interest payments, and sells or delivers securities when instructed by the principal. See also master trust .
Copyright c 2006, 2000, 1997, 1993, 1990 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
