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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]
If Article 8 is set aside and the brokerage account is considered purely under principles of common law, there is a possibility of construing the collection of brokerage accounts in the intermediated custodial holding chain as a collection of directed agency nominee trusts. According to this legal theory, each securities position with respect ...
Cede and Company (also known as Cede and Co. or Cede & Co.) is a specialist United States financial institution that processes transfers of stock certificates on behalf of Depository Trust Company, the central securities depository used by the United States National Market System, which includes the New York Stock Exchange, and Nasdaq. [1]
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.
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.
A vostro is our account of other bank / "Foreign Bank's" money, held by us (by your country's bank) A vostro account is a record of money held by a bank or owed to a bank by a third party (an individual, company or bank). The nostro account is a way of keeping track of how much of the bank’s money is being held by the other bank. This is ...