Facts
X. was the Director of Bank [Y.] from November 1955 until the end of June 1966. In late 1965, the Swiss Federal Banking Commission demanded a guarantee of CHF 350,000 to restore the legally compliant coverage ratio. The Board of Directors decided that the directors and the Director should each contribute an equal share to the guarantee. X. then paid CHF 70,000 into a named savings book of Bank [Y.] and placed it "in trust" with the Association of Swiss Local Banks, Savings and Loan Associations.
X. later declared the partial offsetting of his savings book claim of CHF 70,000 plus interest against his existing loan debt to Bank Y. Bank [Y.] rejected the offsetting and blocked the account. X. then demanded the payment of the account balance of CHF 29,516.95 plus interest, whereupon he obtained provisional debt enforcement relief after unsuccessful debt collection.
Bank [Y.] filed a declaratory action and invoked the security purpose of the savings book deposit as well as possible claims for damages that could be offset against the savings book claim. X. disputed the existence of the counterclaims and demanded by way of counterclaim the return of the mortgage deed and payment of CHF 47,871.48.
Considerations
The Federal Supreme Court confirmed that X.'s savings book deposit is to be qualified as an irregular money deposit pursuant to Art. 481 CO. Therefore, Bank [Y.] could not offset its claims for damages against X.'s savings book balance against his will, as this is not permitted under Art. 125 para. 1 CO.
The Federal Supreme Court stated that the legal nature of savings bank deposits is decisive as to whether the economic purpose is…