13:11
lawguy we're nearly stats twins :D
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Simple English definitions for legal terms
custodian
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A quick definition of custodian:
A custodian is a person who takes care of something. For example, a custodian can be someone who takes care of a child's money until they are old enough to use it. In bankruptcy, a custodian is someone who is appointed to take care of a person's property to help pay off their debts.
A more thorough explanation:
A custodian is a person who is responsible for taking care of something. This can include managing property or assets, enforcing liens, or general administration of property for the benefit of creditors.
- Under the Uniform Transfers to Minors Act (UTMA) and Uniform Gifts to Minors Act (UGMA), a custodian is a person named to manage property left or given to a child until they reach the age specified by state law.
- In the context of bankruptcy, a custodian can be a receiver, trustee, assignee, or agent appointed to take charge of property for the purpose of enforcing a lien or general administration for the benefit of creditors.
- A school custodian is responsible for maintaining and cleaning the school building and grounds.
These examples illustrate how a custodian can have different responsibilities depending on the context. In all cases, however, a custodian is someone who has been entrusted with the care and management of something valuable.