Commentaries: Art. 287

The following legal acts are subject to avoidance if the debtor performed them within the last year before distraint or the declaration of bankruptcy and was already overindebted at the time they were performed:¹ 1.² provision of security for existing liabilities that the debtor was not previously obliged to provide;
repayment of a monetary debt by means other than cash or other customary means of payment;
payment of a debt that is not yet due.
However, avoidance is excluded if the beneficiary proves that he did not know and should not have known of the debtor’s overindebtedness.³
Avoidance is excluded in particular if securities, intermediated securities or other financial instruments traded on a representative market have been provided as collateral and the debtor has previously:
undertaken to increase the collateral in the event of changes in the value of the collateral or in the amount of the secured liability; or
been granted the right to replace collateral with collateral of the same value.⁴

Amended by No I of the FA of 16 Dec. 1994, in force since 1 Jan. 1997 (AS 1995 1227;BBl 1991 III 1). ↩
Amended by No I of the FA of 16 Dec. 1994, in force since 1 Jan. 1997 (AS 1995 1227;BBl 1991 III 1). ↩
Amended by No I of the FA of 16 Dec. 1994, in force since 1 Jan. 1997 (AS 1995 1227;BBl 1991 III 1). ↩
Inserted by Annex No 4 of the Intermediated Securities Act of 3 Oct. 2008, in force since 1 Jan. 2010 (AS 2009 3577;BBl 2006 9315). ↩

Art. 287