(1)  Any person who –

(a) being entrusted either solely or jointly with any other person with any property in order that he may retain in safe custody or apply, pay or deliver, for any purpose or to any person, the property or any part thereof or any proceeds thereof; or

(b) having either solely or jointly with any other person received any property for or on account of any other person –

dishonestly converts to his own use or benefit, or to the use or benefit of any other person, the property or any part thereof, or any proceeds thereof, is deemed to steal the property so converted.

(2)  For the purposes of this section, if it be part of the terms on which such property is so entrusted or received that the same, or the proceeds thereof, shall form an item in a debtor and creditor account between the person receiving the same, and the person to whom he is to account for or pay the same, and that such last-mentioned person shall rely only on the personal liability of the other as his debtor in respect thereof, the proper entry of any part of such proceeds in such account shall be deemed a sufficient accounting for the part of the proceeds so entered.

(3)  A factor or agent shall not be guilty of stealing by pledging or giving a lien on any goods or document of title to goods entrusted to him for the purpose of sale or otherwise if such pledge or lien is for any sum of money not exceeding the amount due to him from his principal at the time of pledging or giving a lien on the same, together with the amount of any bill of exchange or promissory note accepted or made by him for or on account of his principal.

(4)  The provisions of subsection (1) shall not apply to or affect any trustee under any express trust created by a deed or will or any mortgagee of any property, real or personal, in respect of any act done by the trustee or mortgagee in relation to the property comprised in or affected by such trust or mortgage.