Where This Lesson Fits
Lesson 12.1 introduced the basic purpose of custody relationships by showing how custody supports safekeeping, position maintenance, and controlled asset administration. This second lesson builds on that foundation by focusing on the custodian itself as an institution and on the responsibilities that come with that role.
In practice, custody is carried out by organizations with defined operational, recordkeeping, servicing, and control duties. These institutions do not simply hold assets in a passive sense. They maintain infrastructure, process activity,