Federal Act
on Debt Enforcement and Bankruptcy
(DEBA)¹

¹ A pledgee whose pledged as­sets have already been sold at the time of pub­lic­a­tion of the pro­vi­sion­al dis­tri­bu­tion list shall par­ti­cip­ate in any pro­vi­sion­al dis­tri­bu­tion to the ex­tent of the ac­tu­al short­fall on the pledge. The li­quid­at­ors shall de­term­ine the amount of the short­fall, and their de­cision may only be con­tested by an ap­peal in ac­cord­ance with Art­icle 326.

² If the pledged as­set has not yet been sold on pub­lic­a­tion of the pro­vi­sion­al dis­tri­bu­tion list, the pledgee must be taken in­to ac­count to the ex­tent of the prob­able short­fall on the claim as es­tim­ated by the com­mis­sion­er. Where the pledgee proves that the pro­ceeds of sale are less than the es­tim­ate, he is en­titled to the cor­res­pond­ing di­vidend and in­stal­ment pay­ment.

³ Where the pledgee has re­ceived an amount in ex­cess of his claim from the pro­ceeds of sale and any in­stal­ment pay­ment already made, he shall be ob­liged to re­fund the sur­plus.