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A nominee trust is a legal arrangement whereby a person, termed the settlor, appoints another person, termed the "nominee" or "trustee", to be the owner of the legal title to some property. [1] Although the legal title is transferred to the nominee, the beneficial ownership of the property is transferred to a third person, termed the beneficiary .
[1] [page needed] In the US where Cede & Co. is the street name holder, therefore, all beneficial rights such as voting rights and dividends flow first to the nominee holder Cede, and then are passed onward, and ultimately to the beneficial owners. [2] In the United Kingdom this is known as holding shares in a nominee account.
A nominee director's name would appear on all corporate paperwork in place of the beneficial owners, and like nominee shareholders, few jurisdictions can compel a nominee director to divulge the identity of beneficial owners. [15] A further hurdle is that some jurisdictions allow a corporation to be named as a director. [15]
A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary. [1]
The term "Omnibus Account" is used by Federal Securities Regulations, such as the SEC's Customer Protection Rule, [1] which makes it a violation of federal regulations for a broker-dealer to fail to maintain an adequate number of securities to match the sum of fully paid securities entitlements the brokerage firm has issued to its customers.
When your bank account is overdrawn, this can result in different fees or charges. Learn what overdrawn means in order to avoid the costs that come with it.
For example, if an individual buys investment #1 with one company and investment #2 with another, both investments are held in a single RRSP account with the nominee, a chartered bank. The main benefit of a nominee account is the ability to keep track of all RRSP investments within a single account. The main detriment is that nominee accounts ...
The minimum age for opening a bank account is most commonly 18 years. However, in some countries, the minimum age to open a bank account can be 16 years, and accounts may be opened in the name of minors but operated by their parent or guardian. In general, it is unlawful to open an account in a false name.