Third Party Checks
I have had different answers to the following issue:
Checks received in our office made payable to a clients account or the custodian (not sent by the client; ie: class action proceeds) and then deposited in clients account is then considered having custody. We always understood if a check was made payable to an account or a custodian that the this was not custody.
Im wondering what others thoughts are on this or if you have had any conversations with the SEC on this issue?