Section VII - Savings Deposits

Art. 15

1. Deposits referred to as savings in any combination of words whatever may only be accepted by banks publishing annual financial statements. All other types of companies are not authorised to accept savings deposits and they may not use in their company name, or in the designation of their business purpose or in their advertising the term "savings" in connection with the money deposited with them.

2. The savings deposits of each depositor are privileged in the third priority class up to the amount of SFr. 5,000 in the case of bankruptcy. Savings deposits exceeding this amount are privileged for another SFr. 5,000 in the fourth priority class. Where more than one person participates in a single savings deposit book, they are together considered as one depositor.

3. Paragraph 2 does not apply to savings deposits for which a canton has assumed liability.


Art. 16

1. For savings deposits pursuant to Art. 15, par. 1, paid into banking offices established within their territory, the cantons are authorised to create a special privilege not exceeding SFr. 5,000 on the securities and claims of such banking offices. This special privilege is not subject to the rules of the Swiss Civil Code concerning charges on chattels.

2. The cantons that create such a special privilege have to define the pledged property in a way that sufficiently safeguards the claims of third persons; they must issue regulations defining the assets which may serve as pledge and designate the manner in which they are deposited.

3. repealed

4. In the case of the bankruptcy of an institution in a canton that has created a special privilege, the proceeds of the enforcement of the lien are to be deducted from the amounts due under Art. 15, par. 2.

Prepared by: M. J. Wharton.

KPMG Fides unofficial translation of Swiss Federal Law - Banks And Savings Banks.
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