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Art. 470

220COFederal ActJan 1, 1912Original source
  1. The principal may revoke the payment instruction as against the payee unless he issued it in order to redeem a debt to the payee or otherwise in favour of the latter.
  2. He may revoke it as against the agent provided the agent has not notified the payee of his acceptance. 2bis. Unless the regulations of a payment system provide otherwise, a payment instruction in a cashless transaction becomes irrevocable as soon as the transfer amount is debited from the principal's account.1
  3. In the event of bankruptcy proceedings against the principal, payment instructions that have not yet been accepted are deemed revoked.

Footnotes

  1. Inserted by Annex No 3 of the Uncertificated Securities Act of 3 Oct. 2008, in force since 1 Oct. 2009 (AS 2009 3577;BBl 2006 9315). ↩

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