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?

Thank you.

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