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Federal Act on the Amendment of the Swiss Civil Code (OR)

Art. 973eOR from 2023

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

Art. 973e II. Effects (1)

1 The obligor under a ledger-based security is entitled and obliged to render performance only to the creditor indicated in the securities ledger and subject to appropriate modification of the ledger.

2 By rendering the performance due at maturity to the creditor indicated in the securities ledger, the obligor is released from the obligation even if the indicated creditor is not the actual creditor, unless the obligor is guilty of malice or gross negligence.

3 When acquiring a ledger-based security in a securities ledger from the creditor indicated therein, the acquirer is protected even if the seller was not entitled to dispose of the ledger-based security, unless the acquirer acted in bad faith or with gross negligence.

4 The obligor may raise against a claim deriving from a ledger-based security only those objections which:

  • 1. are aimed at contesting the validity of the registration or derive from the securities ledger itself or its accompanying data;
  • 2. he or she is personally entitled to raise against the current creditor of the ledger-based security; or
  • 3. are based on the direct relations between the obligor and a former creditor of the ledger-based security, if the current creditor intentionally acted to the detriment of the obligor when acquiring the ledger-based security
  • (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).

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