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

¹ The pro­vi­sions gov­ern­ing agency and pay­ment in­struc­tions are ap­plic­able to let­ters of cred­it in which the prin­cip­al in­structs the ad­dress­ee to pay a spe­cified per­son the sums re­ques­ted by the lat­ter, wheth­er or not a max­im­um amount is stip­u­lated.

²Where the let­ter of cred­it does not stip­u­late a max­im­um amount and ob­vi­ously dis­pro­por­tion­ate amounts are re­ques­ted, the ad­dress­ee must no­ti­fy the prin­cip­al and with­hold pay­ment pending fur­ther in­struc­tions.

³The in­struc­tion con­veyed by means of a let­ter of cred­it is deemed to have been ac­cep­ted only where ac­cept­ance of a spe­cified amount has been de­clared.