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Old 29.07.2020, 23:12
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Pfandanpassung

does anyone have any experience with this?


I received a notice that I need to sign this Pfandanpassung (contract) with a company called six sis AG, as a part of property purchase.
I think that it has to do with the mortgage which I took from the bank, but not sure about that...


Can I refuse to sign it? or is it a certain type of official procedure in Switzerland?

Last edited by aladin; 29.07.2020 at 23:14. Reason: adding a question
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Old 31.07.2020, 09:26
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Re: Pfandanpassung

I think this is now a good time to start reading the contract and mortgage agreement you have with the bank. You might find out that if you do not comply with the request they can cancel the mortgage.

Who is SIX? It is Switzerland largest payment provider, operates the Swiss Stock Exchange, safely stores securities for simpler transaction, and does some other stuf. It is nothing less than the backbone of the Swiss banking industries. All businesses are different legal entities and part of the SIX Group https://www.six-group.com/en/products-services.html

The part which stores securities is the SIX SIS https://www.six-group.com/securities...t-six-sis.html and this service is globally known as a central securities depository
https://en.wikipedia.org/wiki/Centra...ies_depository

What is a Pfandanpassung? Pfand means roughly lien, and Anpassung means adjustment/modification/to make fit. In other words part of the mortgage lien, which most likely exists in form of a Schuldbrief, has to be adjusted for some reason.

Two possible options which come to my mind: The lien is for a smaller amount than the actual mortgage OR more likely it is a paper lien (Papier-Schuldbrief) which is about to be converted into a digital lien (Register-Schuldbrief) hold at SIX SIS. (or a combination of both)
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Old 02.08.2020, 00:00
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Re: Pfandanpassung

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I think this is now a good time to start reading the contract and mortgage agreement you have with the bank. You might find out that if you do not comply with the request they can cancel the mortgage.

Who is SIX? It is Switzerland largest payment provider, operates the Swiss Stock Exchange, safely stores securities for simpler transaction, and does some other stuf. It is nothing less than the backbone of the Swiss banking industries. All businesses are different legal entities and part of the SIX Group https://www.six-group.com/en/products-services.html

The part which stores securities is the SIX SIS https://www.six-group.com/securities...t-six-sis.html and this service is globally known as a central securities depository
https://en.wikipedia.org/wiki/Centra...ies_depository

What is a Pfandanpassung? Pfand means roughly lien, and Anpassung means adjustment/modification/to make fit. In other words part of the mortgage lien, which most likely exists in form of a Schuldbrief, has to be adjusted for some reason.

Two possible options which come to my mind: The lien is for a smaller amount than the actual mortgage OR more likely it is a paper lien (Papier-Schuldbrief) which is about to be converted into a digital lien (Register-Schuldbrief) hold at SIX SIS. (or a combination of both)

You are correct aSwissInTheUS!

Nevertheless, thanks for the clarification.


It is the first time that I am encountering in such system. Meaning, in other parts of the world there are companies behind the banks which are responsible for holding the bank securities and activate them in case needed, or even actually confiscate the property. In most cases they are activating on behalf of the bank or the government, but it is stated in the credit contract with the bank itself.
In the Swiss case, the bank forces the client to sign a contract with a 3rd party (SIX SIS), which basically creates a legal framework between the customer and SIX SIS. Consequently, the customer is not only liable towards the bank, but also towards SIX SIS.



Certainly, the end result in case of a problem can be the same - confiscation and sell of the property by the bank.
Nevertheless, I was not aware for this procedure in the background...



Thanks again for the explanation!



he lien is for a smaller amount than the actual mortgage
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Old 02.08.2020, 11:58
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Re: Pfandanpassung

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Consequently, the customer is not only liable towards the bank, but also towards SIX SIS.
No. SIX SIS is just the place where the security is stored. This in itself gives SIS no claim on the property.

In case of a classic, physical Papier-Schuldbrief who ever had the Schuldbrief in its actual possession, or more correct the person which can present it, had the claim.

In case of the new digital Register-Schuldbrief the person which is noted in the land register has the claim. This is normally the bank which gave you the mortgage.

Only one person can have the Schuldbrief. But this person can freely transfer it to an other person. In case of the Papier-Schuldbrief no one really knows who has the Schuldbrief. Some times they got lost, destroyed in a fire, or torn and shredded by an unknowing party. All which gave rise to various legal and administrative issues as a Schuldbrief can only be dissolved by following a very specific procedure which involves the land registry. In case of the digital Version a quick glance in the building register shows who has currently the claim of the Schuldbrief. As said that is not SIX where it is stored but the bank, insurance, investment company, home owner etc.
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