Facts
In a bill of exchange enforcement procedure between Incoship AG and Silesa Finanz AG, the District Court President rejected the legal objection raised by the debtor. On appeal by the debtor, the Cantonal Court of St. Gallen's appeal judge overturned the decision and granted the legal objection on the condition that the debtor deposit CHF 178,750.- within three days. As the debtor only deposited 36 bonds with a nominal value of CHF 180,000.- of Skilift Rietbad - Alp Friessen AG within the deadline, which were not accepted by the bank as sufficient collateral, the appeal judge revoked the approval of the legal objection. Silesa Finanz AG filed a constitutional appeal against this decision.Considerations
The Federal Court dismissed the appeal. It stated that the deposit of the claim amount required by Art. 182 No. 4 DEBA is an anticipated, conditional payment that discharges the debtor. Therefore, only readily realizable securities with a fixed market value may be accepted, which was not the case with the deposited bonds. The…