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What should I use? Equipment Custody, Reservations or Check-outs?

When to use Reservations, Check-outs with a due date and Custody when there's no return date.
 
Custody refers to the ongoing state of ownership of an asset. An example would be a student who has custody of a phone or laptop and will continue to use it for an extended length of time. 
 
Reservation refers to scheduling an asset or assets for a future date and time. When items are reserved, they cannot be reserved or checked out by another user, essentially making sure the equipment is available during that time. 
 
Check-out refers to the act of physically checking out assets and taking possession of them.