Born John Stephen Sudduth in Louisiana, Mikky Ekko had a restless childhood as the son of a preacher, moving around America's deep south. Having settled briefly in Tupelo, Mississippi, and absorbed as much gospel as he could, he relocated to Nashville, Tennessee, and started playing in bands.
In the vast majority of cases, all these securities are held in the name of your brokerâs nominee company. A nominee company is a custodian charged with the safekeeping of investorsâ securities. It should be a separate entity from the broker itself. Your investments are held for you â on trust â in a nominee account. This means that while the nominee is the legal owner of the securities, you retain actual ownership as the beneficiary.
Custodial trusts end the day the child reaches the age of majority. At that time, the account is closed by the custodian and the child gains free access to the property. If the custodian cannot continue her service until the child reaches the age of majority, a replacement custodian is necessary. A custodian does not name her successor or replacement unless she is the transferor. If an appointed custodian can no longer perform, the court will appoint one based on the wishes of the transferor, specific instructions in the transferorâs will if she dies or, as a last resort, the discretion of the court.