The present invention relates to a multipurpose lid securement system. The securement system can be used for trash cans, ice chests, storage boxes and other types of boxes that have a lid. More specifically, the system includes a round hook-like piece on the body of the receptacle and an extendable T-shaped handle attached to the lid. The T-shaped handle can be attached to an elastic band to facilitate users pulling the handle downward toward the hook. In order to secure the lid to the top of the receptacle, the T-shaped handle is elastically secured to the underside of the hook. Securing the handle to the underside of the hook tightly secures the lid to the body of the receptacle. The lid is kept closed until the T-shaped handle is manually moved from the underside of the hook.