Kernrechtsfrage
Which law governs the shareholder's liability under the security arrangement?
Extrahierter Entscheid
Swiss law governed the alleged security agreement because no valid choice of law for that separate undertaking was shown.
Extrahierte Begründung
The contractual choice-of-law clause in the general terms applied to the hire-purchase relationship, not clearly to the separate security undertaking. Security agreements are connected independently under PIL rules.