The effect of “Gearfried the Iron Knight” is continuous.
If “Butterfly Dagger – Elma” is equipped to “Gearfried the Iron Knight,” “Butterfly Dagger – Elma” will be destroyed by “Gearfried the Iron Knight” and will activate its effect.
“Call of the Haunted” does not equip itself to “Gearfried the Iron Knight.” “Gearfried the Iron Knight” can be successfully summoned by “Call of the Haunted.”
Netrep Q&As:
Q: If I Summon “Gearfried the Iron Knight” and my opponent activates “Trap Hole,” and I then chain “Blast with Chain,” what happens?
A: “Blast with Chain” will equip to “Gearfried the Iron Knight.” “Gearfried the Iron Knight’s” effect would then destroy it. Next, “Trap Hole” resolves, destroying the Summoned “Gearfried the Iron Knight.” Now a new chain begins with “Blast with Chain’s” effect. You would select a card to destroy. The opponent could then respond with any appropriate card effects. Curtis Schultz, 03/31/2004
Q: Can you use “Snatch Steal” on your opponent’s “Gearfried the Iron Knight” and before the equip is destroyed, use “Altar for Tribute”?
A: “Gearfried the Iron Knight’s” effect is a Continuous Effect and it will not switch sides. “Snatch Steal” can be equipped to “Gearfried the Iron Knight,” but it will be destroyed immediately. Curtis Schultz, 04/15/2004