OR Art. 973d -

Einleitung zur Rechtsnorm OR:



The Swiss Code of Obligations is a central code of Swiss civil law that regulates the legal relationships between private individuals. It includes five books that cover various aspects of contract law, law of obligations and property law, including the formation, content and termination of contracts, as well as liability for breach of contract and tort. The Code of Obligations is an important code of law for business and everyday life in Switzerland, as it forms the basis for many legal relationships and contracts and has been in force since 1912, whereby it is regularly adapted to social and economic developments.

Art. 973d OR from 2025

Art. 973d Federal Act on the Amendment of the Swiss Civil Code (OR) drucken

Art. 973d Ledger-based securities I. Establishment (1)

1 A ledger-based security is a right which, in accordance with an agreement between the parties:

  • 1. is registered in a securities ledger in accordance with paragraph 2; and
  • 2. may be exercised and transferred to others only via this securities ledger.

    • 2 The securities ledger must meet the following requirements:

  • 1. It uses technological processes to give the creditors, but not the obligor, power of disposal over their rights.
  • 2. Its integrity is secured through adequate technical and organisational measures, such as joint management by several independent participants, to protect it from unauthorised modification.
  • 3. The content of the rights, the functioning of the ledger and the registration agreement are recorded in the ledger or in linked accompanying data.
  • 4. Creditors can view relevant information and ledger entries, and check the integrity of the ledger contents relating to themselves without intervention by a third party.

    • 3 The obligor must ensure that the securities ledger is organised in accordance with its intended purpose. In particular, it must be ensured that the ledger operates in accordance with the registration agreement at all times.

    (1) Inserted by No I 1 of the FA of 25 Sept. 2020 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Feb. 2021 (AS 2021 33; BBl 2020 233).
    Es besteht kein Anspruch auf Aktualität und Vollständigkeit/Richtigkeit.
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