Facts
On 9 January 1980, the President of the Court of First Instance of Geneva ordered a seizure to the detriment of Société générale de banque S.A. (SGB) for a claim of 30'509'974 fr. 26, with interest. The measure concerned the debtor's assets and holdings with various banks in Geneva. SGB offered a joint and several guarantee subscribed by the Union de banques suisses to recover free disposal of the seized assets. The Debt Collection Office accepted the guarantee and lifted the seizure executed on SGB's assets and holdings.
On 24 July 1980, the Belgian company Eurosystem hospitalier S.A. obtained a seizure order to the detriment of SPC, concerning SPC's claim against the Union de banques suisses, arising from the guarantee subscribed by the latter. The Debt Collection Office decided to lift the measure, judging that it had affected a property that obviously did not belong to the debtor SPC.
Eurosystem hospitalier S.A. filed a complaint and requested the annulment of the decision made by the Debt Collection Office. The Supervisory Authority for Debt Collection and Bankruptcy Offices of the Canton of Geneva rejected the complaint. Eurosystem hospitalier S.A. appealed to the Federal Court.
Considerations
The Federal Court examined the competence of the Debt Collection Office to revoke the execution of the seizure. It considered that the debt collection office does not have to assess whether potential rights of a third party prevent forced execution, but it must initiate a revindication procedure. However, if the targeted assets obviously do not belong to the debtor, the office must refuse to enforce the seizure order.
The Federal Court also examined the nature and effects of the securities provided for in art. 277 DEBA. It considered that the guarantee subscribed by the Union de banques suisses did not give rise to any private…