Irregular safekeeping, securities lending

(1) Where the safekeeping of securities is agreed in such a manner that ownership passes immediately to the custodian or a third party and the custodian is obliged only to return securities of the same kind, the provisions of this Division do not apply to such a custody transaction.
(2) An agreement of the kind described in paragraph 1 is valid only where the depositor's declaration is given expressly and in text form for the particular transaction. The declaration must express that ownership is to pass immediately to the custodian or a third party and that consequently only a contractual claim to delivery of securities determined by kind and number arises for the depositor. The declaration may neither refer to other documents nor be combined with other declarations of the depositor.
(3) These provisions apply mutatis mutandis where securities are granted to a person as a loan in the course of that person's trade or business.