Continued application of previous law

(1) In the case of section 2(3), for public-law credit institutions, as regards the transactions concluded by them under the provisions of the Act on the Pfandbriefe and Related Debt Securities of Public-Law Credit Institutions and the cover registers kept exclusively for the cover of these transactions, the aforementioned Act and the ordinances issued to implement it, each in the version in force before 19 July 2005, continue to apply, with the proviso that claims against domestic public-law credit institutions are eligible for ordinary cover only insofar as an unlimited institutional liability, or a statutory guarantor liability or refinancing guarantee for the corresponding liabilities of the credit institutions, applies.
(2) In the case of section 2(3), for mortgage banks, as regards the transactions concluded by them under the provisions of the Mortgage Bank Act and the cover registers kept exclusively for the cover of these transactions, the Mortgage Bank Act and the ordinances issued to implement it, each in the version in force before 19 July 2005, continue to apply, with the proviso that claims against domestic public-law credit institutions are eligible for ordinary cover only insofar as an unlimited institutional liability, or a statutory guarantor liability or refinancing guarantee for the corresponding liabilities of the credit institutions, applies.
(3) In the case of section 2(3), for ship banks, as regards the transactions concluded by them under the provisions of the Ship Bank Act and the cover registers kept exclusively for the cover of these transactions, the Ship Bank Act and the ordinances issued to implement it, each in the version in force before 19 July 2005, continue to apply, with the proviso that claims against domestic public-law credit institutions are eligible for ordinary cover only insofar as an unlimited institutional liability, or a statutory guarantor liability or refinancing guarantee for the corresponding liabilities of the credit institutions, applies.
(4) In the case of the transformation of a public-law credit institution in a manner named in section 1(1) of the Transformation Act, subsection (1) applies, as regards the transactions concluded by the credit institution before the transformation took effect, for the legal entity continuing to exist after the change of legal form, or for a legal entity to which, in the course of the transformation, the assets of the credit institution have been transferred as a whole or in part, even where the legal entity is an undertaking in a private-law legal form.