Tasks

(1) The trustee must ensure that cover in conformity with this Act exists at all times for the Pfandbriefe and claims from derivative transactions under section 4(3); in doing so the trustee must ensure that the value of the mortgaged land has been determined under the statutory instrument issued under section 16(4), the value of the mortgaged ships and ships under construction under the statutory instrument issued under section 24(5), and the value of the mortgaged aircraft under the statutory instrument issued under section 26d(3). Beyond this the trustee is not obliged to examine whether the determined value corresponds to the actual value.
(2) The trustee must ensure that the assets used to cover the Pfandbriefe and the claims from derivative transactions under section 4(3) are entered in the relevant cover register under section 5(1). The trustee must also ensure that the entry of a derivative is communicated without delay by the Pfandbrief bank, stating the corresponding cover register, to the counterparty of the derivative transaction.
(3) The trustee must, before issuance, endorse the Pfandbriefe with a certificate as to the existence of cover in conformity with this Act and as to entry in the corresponding cover register. A facsimile of the handwritten signature suffices. For a Pfandbrief to be issued as an electronic security under section 2(1) of the Electronic Securities Act, the certificate under the first sentence must be deposited, before entry of the Pfandbrief in an electronic securities register, with the same registrar within the meaning of section 4(10) of the Electronic Securities Act with which the issuance terms of the Pfandbrief are also deposited; section 5(1) of the Electronic Securities Act applies accordingly.
(4) Assets entered in the cover register may only be deleted from the cover register with the trustee's consent. The trustee's consent requires, for a cover register kept in paper form, written form; it may be given by the trustee appending a signature to the deletion note in the cover register. For an electronically kept cover register, the Pfandbrief bank may assume the trustee's consent where it was given by means of a suitable authentication instrument and is documented in an evidentially secure manner. For the deletion of a registered derivative that has not yet been fully settled, the consent of the Pfandbrief bank's counterparty is further required; a deletion without the required consent is deemed not to have been made. Subsection (2), second sentence applies accordingly.