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

¹ Against a claim de­riv­ing from a bear­er se­cur­ity, the ob­lig­or may plead only such de­fences as con­test the valid­ity of the in­stru­ment or arise from the in­stru­ment it­self and those avail­able to him per­son­ally against the re­spect­ive ob­li­gee.

² De­fences based on the dir­ect re­la­tions between the ob­lig­or and a former bear­er are ad­miss­ible where the bear­er in­ten­tion­ally ac­ted to the det­ri­ment of the ob­lig­or when ac­quir­ing the se­cur­ity.

³ The ob­lig­or may not plead the de­fence that the in­stru­ment entered cir­cu­la­tion against his will.