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

¹ The trans­fer of any ne­go­ti­able se­cur­ity con­fer­ring title or a lim­ited right in rem re­quires the trans­fer of pos­ses­sion of the in­stru­ment in all cases.

² In ad­di­tion, the trans­fer of in­stru­ments to or­der re­quires en­dorse­ment and that of re­gistered se­cur­it­ies re­quires a writ­ten de­clar­a­tion, which must not be made on the in­stru­ment it­self.

³ By law or agree­ment, the trans­fer may re­quire the par­ti­cip­a­tion of oth­er per­sons, in par­tic­u­lar the ob­lig­or.