safekeep

English

Etymology

Back-formation from safekeeping.

Verb

safekeep (third-person singular simple present safekeeps, present participle safekeeping, simple past and past participle safekept)

1. (transitive, chiefly finance) To keep safe; to preserve from harm or loss.
   • 1983, Marcia L. Stigum, Rene O. Branch, Managing bank assets and liabilities:

     If a customer wants $1 million of General Motors Acceptance Corporation (GMAC) paper, the bank carries out the transaction between the customer and GMAC and safekeeps the paper for the customer until it matures.

   • 2003, Federal Reserve Bank of New York Economic Policy Review:

     During the mid-1960s, Federal Reserve officials focused on developing institutional arrangements that would facilitate the conversion to book-entry form of definitive securities already safekept at Reserve Banks; they did not address the possibility of a larger system.