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Custody asset: Difference between revisions
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[[custody | A [[negotiable instrument]] of some kind that is capable of being held by another person on its owner’s behalf, and in fact is so held by such a person — being a “[[custodian]]”. Typically the custodian will hold legal title to the asset, but it will not form part of its own insolvency estate. | ||
Custody models — being the legal contrivances used to deliver that arrangement — differ in different jurisdictions. [[Common law jurisdiction]]s tend to use a [[trust]] structure whereby the custodian holds legal title on trust for its client. [[Civil law jurisdiction]]s don’t have a trust concept — well, at any rate, they ''claim'' not to, though I would like to understand what a ''[[contrat fiduciare]]'' is, if it isn't a [[trust]] arrangement — so have to do it some other way. | |||
Note: '''you cannot hold [[cash]] in custody'''. This is an [[ontological]] axiom. The person who holds a bank note holds it absolutely, and is be definition a debtor to the person to whom it is owed. Therefore cash that you hold automatically is part of your insolvency estate whether you like it or not. | |||
{{UK custody model}} | |||
{{sa}} | |||
*[[Cash]] | |||
*[[Custodian]] | |||
*[[CASS Anatomy]] | |||