Facts
By attachment order No. 98/73 dated May 2, 1973, the President of the Civil Court of Basel-Stadt granted, upon the request of Diskont- und Handelsbank AG, an attachment against the "Crisanus" Family Foundation, Vaduz, for an amount of CHF 80,000,000.-- plus 5% interest since November 12, 1962. The attachment concerned the dividends for 1971 and 1972 resolved by the General Meeting of Shareholders of Ciba-Geigy AG, as well as the dividend coupons No. 3 and 4 to be submitted for the assertion of these claims from all registered shares of Ciba-Geigy AG entered in the name of the "Crisanus" Family Foundation.
On June 12, 1973, Ciba-Geigy AG informed the Debt Collection Office of Basel-Stadt that none of the dividend coupons listed in the attachment notice were in their possession in an unredeemed state. By order of June 19, 1973, the Debt Collection Office then declared the attachment unsuccessful.
Diskont- und Handelsbank AG appealed against this order to the supervisory authority over the Debt Collection and Bankruptcy Office of Basel-Stadt. The appeal was dismissed by decision of July 17, 1973.
With the present appeal to the Debt Collection and Bankruptcy Chamber of the Federal Supreme Court, Diskont- und Handelsbank AG requested the annulment of the decision of the supervisory authority and the declaration of the Debt Collection Office that attachment No. 98/73 was unsuccessful, insofar as they concerned the attachment objects under lit. b, and the instruction of the Debt Collection Office of Basel-Stadt to properly execute the attachment with the third-party debtor Ciba-Geigy AG.
Considerations
The Federal Supreme Court dismissed the appeal. It stated that dividend coupons are bearer instruments and the claim for payment of the dividends can only be attached with the corresponding coupons in which they are embodied. Without presentation of the coupon, the joint-stock company may not pay out any dividend.
Furthermore, the…