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Model Custodial Agreement for Use with Collateral Pools

Model Custodial Agreement for Use with Collateral Pools 2025

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The document outlines a Model Custodial Agreement for local governments in New York State, following the amendment of Section 10 of the General Municipal Law in 2005. It introduces a pooled collateral option for securing deposits and investments of public funds, allowing local governments to accept a pro rata portion of a pool of eligible securities as security. The document provides guidance on the necessary agreements and policies, emphasizes the importance of consulting legal counsel, and includes details about the roles and responsibilities of involved parties (local government, bank, custodian) in managing these securities.

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What is an undertaking agreement?

An undertaking means an agreement entered into by a party to a suit or proceeding, with or without sureties, upon which a judgment or decree may be rendered in the same suit or proceeding against the party and his sureties, if any, the party and sureties submitting themselves to the jurisdiction of the court for that

What is a custodial account agreement?

A custodial account is a means by which an adult can open a savings or brokerage account for a child. The adult who opens the account is responsible for managing it, including making investment decisions and deciding how the money is to be used, as long as it benefits the child.

What is the difference between a trust agreement and a custodial agreement?

Custodial property will be given to minor outright when they reach age 18 or 21, depending on whether the decedent specified an age to transfer the property to the minor. Trusts offer much more flexibility in this area. You can decide to give the minor control of the property upon reaching age 25, 30, or any other age.

What is a custodial undertaking agreement?

Custodial Undertaking Agreement means a custodial undertaking agreement by and among the Investment Consultant, as agent for the Fund, a counterparty under a Master Repurchase Agreement, and a custodian for the custody of Permitted Investments subject to the terms of a Master Repurchase Agreement.

What is an example of a custodial agreement?

An example of a custodial agreement would be a company retirement plan. Many, if not most, companies hire a third party to administer such plans in order to collect payments from the employer and employees, invest the funds, and disburse the benefits.

What is a custodial undertaking in connection with master repurchase agreement?

The Custodial Undertaking and the Master Repurchase Agreement. Buyer and Seller acknowledge and agree that the Master Repurchase Agreement in conjunction with this Custodial Undertaking represents the entire agreement between Buyer and Seller with respect to Transactions.

What is a custodial agreement with a bank?

A custodial agreement defines the relationship between the client and a custodian. It covers all of the assets held in custody, including non-securities and assets not held at a depository or sub-custodian. Custody banks cannot lend securities held in custodial accounts without specific client consent.

Model Custodial Agreement for Use with Collateral Pools 2025

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