Internal Law 2 Private law - Administration of civil justice - Enforcement 22 Code of Obligations
Droit interne 2 Droit privé - Procédure civile - Exécution 22 Code des obligations

220 Federal Act of 30 March 1911 on the Amendment of the Swiss Civil Code (Part Five: The Code of Obligations)

220 Loi fédérale du 30 mars 1911 complétant le code civil suisse (Livre cinquième: Droit des obligations)

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Art. 973e II. Effects

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

808 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).

Art. 973b II. Certificat global

1 Le débiteur peut émettre des certificats globaux ou remplacer par un certificat global les papiers-valeurs fongibles conservés par un même dépositaire, pour autant que les conditions de l’émission ou ses statuts le prévoient ou que les déposants aient donné leur consentement.

2 Le certificat global est un papier-valeur de même espèce que les papiers-valeurs qu’il remplace. Il appartient en copropriété aux propriétaires des titres qu’il remplace à proportion de leurs quote-parts respectives. L’art. 973a, al. 2, est applicable par analogie aux droits des copropriétaires.

816 Introduit par l’annexe ch. 3 de la LF du 3 oct. 2008 sur les titres intermédiés, en vigueur depuis le 1er janv. 2010 (RO 2009 3577; FF 2006 8817).

 

This document is not an official publication. Only the publication of the Federal Chancellery is legally binding.
Ceci n’est pas une publication officielle. Seule la publication opérée par la Chancellerie fédérale fait foi. Ordonnance sur les publications officielles, OPubl.