SIE Knowledge of Capital Markets Practice Question 32

Correct Answer: C

Explanation:

C: Choice C is correct because the custodian is named in the document that establishes the trust, and holds the items owned by the trust. Choice A is incorrect because a custodian is a company, such as a financial institution. Choice B is incorrect because the trustee chooses the custodian. Choice D is incorrect, unless the trustee is the custodian, because the trustee has the fiduciary responsibility.