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Transfer of securities.
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3.—Any security held by the transferor as security for the payment of the debts or liabilities (whether present or future, actual or contingent) of a customer at any office or branch of the transferor in the State shall be transferred or deemed to be transferred on the transfer date and be held by and be available to the transferee as security for the payment of such debts and liabilities to the transferee; and where the moneys secured by such a security include future advances to or liabilities of a customer, the said security shall as from that date be held by and be available to the transferee as security for future advances to the said customer by and future liabilities of the said customer to the transferee to the same extent to which future advances by or liabilities to the transferor were secured thereby immediately before that date.
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