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Simple English definitions for legal terms

custodian bank

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A quick definition of custodian bank:

A custodian bank is a type of bank that is responsible for holding and safeguarding assets, such as stocks, bonds, and other securities, on behalf of its clients. Think of it like a safe deposit box for your valuable items. The custodian bank is supervised and examined by a state or federal authority to ensure that it is operating in a safe and secure manner.

A more thorough explanation:

Definition: A custodian bank is a financial institution that acts as a custodian for a clearing corporation and is supervised and examined by a state or federal authority.

Example: For example, if you invest in stocks or bonds, your custodian bank will hold those securities on your behalf and ensure that they are safe and secure. The custodian bank will also handle any transactions related to those securities, such as buying or selling them.

Explanation: The example illustrates how a custodian bank acts as a safekeeper for securities and handles transactions related to those securities. The custodian bank is responsible for ensuring that the securities are safe and secure and that any transactions related to them are handled properly. This is an important role in the financial industry, as it helps to ensure that investors' assets are protected and that transactions are conducted in a secure and efficient manner.

custodial responsibility | custodia terrae et haeredis

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

llama

17:35

@LawIsForPeasants: while charlie kirk's facts do not care about your feelings, just know that I do!

texaslawhopefully

17:36

@Dkk: Fair enough, but if you're using political philosophy to defend Trump, it's hard to reconcile him as a candidate with very relevant classic political theory, like Locke's individual rights and limited government as illustrated in the 2nd treatise, or the constitutional framework limiting executive power (e.g., Federalist 51). Trump's disregard for constitutional checks and populist rhetoric directly is in tension with our very foundational principles.

Dkk

17:36

@SplitterusClitterus: sounds good. Trying to paint a wine glass rn anyway after I just woke up.

Dkk

17:37

@texaslawhopefully: Psssh I would not use gender relations as a way to defend Trump. He does not go that route and I think literally him and everyone in their cabinet has no idea what those are. I mean, just look at how many divorces Elon and Trump have had.

texaslawhopefully

17:38

Was that not why you said you voted for him?

sadpadresfan

17:38

@KnowledgeableRitzyWasp: can I ask what “2 years retroactive withdrawals” means

llama

17:39

elon and trump realize there are many fish in the sea, and sometimes u can't just 'make it work'

KnowledgeableRitzyWasp

17:39

@sadpadresfan: grades changed to W for two consecutive years of classes

Dkk

17:39

Nah, I did not vote. I have never voted in my life because I have a lot of issues with it. 4 years ago my mom filled out my ballot for me because she wanted to but I do not vote.

llama

17:40

based fellow non voter

LawIsForPeasants

17:40

@llama i do not need or desire external validation.

sadpadresfan

17:40

@KnowledgeableRitzyWasp: ah I see

llama

17:41

@LawIsForPeasants: ok, sorry, I will not bother u while u 'self validate yourself in the corner' my bad.

KnowledgeableRitzyWasp

17:41

@llama: im self validating so hard rn

llama

17:42

@KnowledgeableRitzyWasp: thats very ithica of you, wasp.

texaslawhopefully

17:44

@KnowledgeableRitzyWasp: Out of curiosity, since you're in law school and prolly know fedsoc people, how conservative do you think you have to be to be in fedsoc? Like is a david french sort of conservative fairly common in it, or is it the maga type people mainly

KnowledgeableRitzyWasp

17:46

i dont interact with any fedsoc people, but i dont know any maga people at cornell. but the student body overwhelmingly leans left, so i think they might not be comfortable showing that theyre conservative if that makes sense?

KnowledgeableRitzyWasp

17:46

one time a guy kind of crashed out about masks in conlaw

KnowledgeableRitzyWasp

17:46

but that's the most ive seen

texaslawhopefully

17:47

Yeah, that does make sense. I would like to join fedsoc, but I'm also, clearly, very opposed to Trump and where the GOP has gone.

KnowledgeableRitzyWasp

17:48

if you join fedsoc and go for clerking and eventually become a judge. you will be pinholed into maga politics as long as maga is the predominant conservative stance

SaddestPortlander

17:50

Idk if @irishdinosaur is online but congrats on UCLA!!

LawIsForPeasants

17:55

next you will say you want to be the first black kkk grand wizard

IrishDinosaur

17:56

@SaddestPortlander: tysm!!!!

texaslawhopefully

18:00

yes congrats irishdinosaur! that's incredible

oakenrays

18:03

@IrishDinosaur: you inspire me and my completely misguided cope that I might ever get into UCLA

ImpartialLion

18:05

Super big congrats irish!!!

ImpartialLion

18:06

Also pretty much agree with Wasp. I think it’s more about getting the political/judicial position as a Fedsoc member that will likely require a stance siding with whatever the conservative majority party is at that time.

texaslawhopefully

18:07

Yeah, that's fair. I guess I need to think about it more assuming I start law school in the fall. I really want to clerk and that seems like the best option.

ImpartialLion

18:07

BUT i think once you get the position, you’ll have more leeway in making decisions more liberally. Sort of like how ACB and Gorsuch sometimes swing left after being portreayed in the media as far right (not sure if that was actually the case though).

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