Federal Act
on Private International Law
(PILA)

¹ The law des­ig­nated in Art­icle 145a para­graph 1 de­term­ines wheth­er an in­stru­ment rep­res­ents goods.

² If the goods are rep­res­en­ted by a phys­ic­al in­stru­ment, the rights in rem to both the in­stru­ment and the goods are gov­erned by the law ap­plic­able to the in­stru­ment as mov­able prop­erty.

³ If sev­er­al per­sons as­sert rights in rem re­lat­ing to the goods, some dir­ectly, oth­ers on the basis of an in­stru­ment, the law ap­plic­able to the goods them­selves de­term­ines which one of these rights pre­vails.