Equalisation proceedings in the case of pledging

(1) In insolvency proceedings over the assets of a custodian whose pledgee has realised, in whole or in part, for its own satisfaction, the securities or shares of a collective holding pledged to it under section 12(2), equalisation proceedings take place, among the depositors who entrusted to the custodian the securities or shares of a collective holding pledged to the pledgee, with the aim of equal satisfaction.
(2) The depositors participating in the equalisation proceedings are satisfied out of a special estate. This special estate is to comprise: 1. the securities or shares of a collective holding that were pledged to the pledgee under section 12(2) but were not realised by it for its own satisfaction; 2. the proceeds from the securities or shares of a collective holding realised by the pledgee, insofar as they are not due to it for its own satisfaction; 3. the claims against a depositor participating in the equalisation proceedings arising from the credit granted to it, as well as payments made to avert a threatened realisation of the pledge.
(3) The special estate is to be distributed among the depositors participating in the equalisation proceedings in proportion to the value of the securities or shares of a collective holding entrusted by them to the custodian. The value on the day of the opening of the insolvency proceedings is decisive, unless the securities or shares of a collective holding were realised only later. In that case the proceeds obtained are decisive. Any amount remaining in the special estate after satisfaction of all depositors participating in the equalisation proceedings is to be paid over to the insolvency estate.
(4) Each participant in the equalisation proceedings is entitled and obliged to take over the securities or shares of a collective holding entrusted by that participant to the custodian and present in the special estate, at the estimated value on the day of the opening of the insolvency proceedings. Where this value exceeds the amount due to the participant from the special estate, the participant must pay the difference into the special estate. The securities or shares of a collective holding serve as a pledge for this claim.
(5) Each depositor may assert its claims against the insolvency estate insofar as it has suffered a shortfall on satisfaction from the special estate.
(6) Section 32(4) and (5) applies mutatis mutandis.