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

¹ A per­son pos­sess­ing the bill is the hold­er in due course provid­ing he can demon­strate his en­ti­tle­ment by means of an un­in­ter­rup­ted se­quence of en­dorse­ments, even where the last is a blank en­dorse­ment. De­leted en­dorse­ments are deemed un­writ­ten. Where a blank en­dorse­ment is fol­lowed by a fur­ther en­dorse­ment, it is pre­sumed that the per­son who is­sued this en­dorse­ment ac­quired the bill by means of the blank en­dorse­ment.

² Where the bill of ex­change was some­how lost by a former hold­er, a new hold­er who can demon­strate his en­ti­tle­ment in ac­cord­ance with the pro­vi­sions of the pre­vi­ous para­graph is ob­liged to sur­render the bill only if he ac­quired the bill in bad faith or was guilty of gross neg­li­gence when he ac­quired it.