1. An account held in trust by a parent for a minor under the Uniform Gift to Minors Act. Minors cannot transfer assets without approval of the account trustee.
2. An account held by a custodian for an institution such as a mutual fund, pension fund, or a corporate customer. The bank holds the customer's property in safekeeping, as provided by a written agreement, collects dividends and interest payments, and sells or delivers securities when instructed by the principal.