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

¹ Where the en­dorse­ment con­tains the com­ment “value for col­lec­tion”, “for col­lec­tion”, “per pro.” or some oth­er com­ment ex­press­ing no more than au­thor­isa­tion, the hold­er may ex­er­cise all the rights un­der the bill of ex­change; however, he may trans­fer it only by means of a fur­ther pro­cur­a­tion en­dorse­ment.

² In this case, the parties li­able on a bill may plead against the hold­er only such de­fences as are avail­able to them against the en­dors­er.

³ The au­thor­ity con­ferred by the pro­cur­a­tion en­dorse­ment is not ex­tin­guished on the death or in­ca­pa­city of the per­son con­fer­ring it.