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Swiss Civil Code

Art. 925

IV. In the case of doc­u­ments of title to goods

 

1 De­liv­ery of doc­u­ments of title to goods which have been con­signed to a car­ri­er or a ware­house is equi­val­ent to the de­liv­ery of the goods them­selves.

2 However, where a bona fide ac­quirer of the doc­u­ment of title to goods is in con­flict with a bona fide ac­quirer of the goods, the lat­ter has pri­or­ity.