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


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Art. 1126

b. Bear­er’s rights in the event of in­solv­ency, sus­pen­sion of pay­ments, com­puls­ory ex­e­cu­tion

 

1 However, where the drawee has been de­clared in­solv­ent or has sus­pen­ded its pay­ments or debt en­force­ment pro­ceed­ings have been brought against it without suc­cess, the bear­er of an ac­count-pay­ee-only cheque has the right to de­mand cash pay­ment of the cheque by the drawee and has a right of re­course.

2 The same ap­plies in the event that the bear­er can­not ob­tain the ac­count cred­it from the drawee as a res­ult of meas­ures taken pur­su­ant to the Fed­er­al Act of 8 Novem­ber 1934 on Banks and Sav­ings Banks846.

846SR 952.0

 
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