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

¹ In the event of non-pay­ment of a bill at ma­tur­ity, the hold­er has right of re­course against the en­dors­er, the draw­er and the oth­er parties li­able on the bill.

² The hold­er has the same right even be­fore ma­tur­ity:

1.

where ac­cept­ance has been re­fused in part or in full;

2.

where the as­sets of the drawee are sub­ject to in­solv­ency pro­ceed­ings, re­gard­less of wheth­er he has ac­cep­ted the bill or not, or where only pay­ments by the drawee have been sus­pen­ded, or where com­puls­ory ex­e­cu­tion has been levied on his as­sets without suc­cess;

3.

where the as­sets of the draw­er of a bill of ex­change whose present­a­tion for ac­cept­ance is pro­hib­ited are sub­ject to in­solv­ency pro­ceed­ings.