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Legal research «Alice Adams, residing in Bern, grants a loan of CHF 125,000 00 to Bob Berger, residing in Zurich, to fund the setup of his startup Future Robotics GmbH in Zurich The parties agreed to modify the loan agreement to include an interest rate of 8% per annum : What are the Swiss legal rules regarding interest on loans Darlehen under Art 312 ff OR Under Swiss law, can parties stipulate an interest rate of 8% p a on a loan Is an 8% interest rate permissible and valid usury, KKG applicability, Art 314 OR, Art 73 OR If contractual interest is 8%, what happens to default interest under Art 104 cpv 2 OR / Art 104 OR higher contract interest continues as default interest What is the proper formulation for interest and repayment under Swiss loan agreements»

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The assistant read the converted markdown file of the Adams Berger Loan Agreement to review its current terms. It then performed legal research on Swiss law regarding loan interest rates, maximum limits, default interest, and proper contractual formulations under the Swiss Code of Obligations.

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Question sent to Legislator

Alice Adams, residing in Bern, grants a loan of CHF 125,000.00 to Bob Berger, residing in Zurich, to fund the setup of his startup Future Robotics GmbH in Zurich. The parties agreed to modify the loan agreement to include an interest rate of 8% per annum.

What are the Swiss legal rules regarding interest on loans (Darlehen) under Art. 312 ff. OR?

Under Swiss law, can parties stipulate an interest rate of 8% p.a. on a loan? Is an 8% interest rate permissible and valid (usury, KKG applicability, Art. 314 OR, Art. 73 OR)?

If contractual interest is 8%, what happens to default interest under Art. 104 cpv. 2 OR / Art. 104 OR (higher contract interest continues as default interest)?

What is the proper formulation for interest and repayment under Swiss loan agreements?

Answer from Legislator

Under Swiss law, the statutory framework governing fixed-term money loans (Darlehen) is established in Art. 312 et seq. of the Swiss Code of Obligations (CO). Pursuant to Art. 312 CO, a loan is a contract whereby the lender undertakes to transfer ownership of a sum of money or other fungible goods to the borrower, who undertakes to return objects of the same quantity and quality. In normal dealings, interest is payable on a loan only where expressly agreed upon, whereas in commercial transactions interest is due even in the absence of an express agreement (Art. 313 paras. 1 and 2 CO; see also APG BS ZB.2020.28 consid. 2.2, 4.3; HG ZH HG240148 consid. 3.2). Where the parties agree that the loan shall bear interest without defining a specific percentage, the rate is presumed to be the customary rate for loans of the same type at the time and place of disbursement under Art. 314 para. 1 CO, or 5% per annum where the rate is not fixed by contract, statute, or custom pursuant to the statutory default rule in Art. 73 para. 1 CO.

Within the boundaries of freedom of contract (Art. 19 para. 1 CO), parties are generally free to stipulate an interest rate, subject to the limits of public order, morality, and mandatory law (Art. 19 para. 2 and Art. 20 para. 1 CO). Where an agreed rate becomes excessive, Swiss courts examine whether it constitutes an unlawful or immoral transaction (Sittenwidrigkeit) under Art. 20 para. 1 CO or an unfair exploitation (Übervorteilung) under Art. 21 CO. While mere disparity between performance and consideration is fundamentally addressed by Art. 21 CO, prevailing Swiss doctrine and federal jurisprudence accept that an excessively high interest rate can be held immoral and null under Art. 20 para. 1 CO when the imbalance is particularly gross (AKBR UR 2014.OG.Z.13 consid. 5; REB UR 2014.OG.Z.13 consid. 5; OG UR 2014.OG.Z.13.16 consid. 5, each citing Ernst A. Kramer, Berner Kommentar, 1990, N. 205 zu Art. 19 - 20 mit weiteren Hinweisen). As confirmed by the Handelsgericht Zürich in HG ZH HG240148 consid. 3.2, citing BSK OR I-MAURENBRECHER/SCHÄRER, Art. 313 N 9 ff. mit Hinw., Federal Supreme Court case law (4A_350/2020 consid. 5.2.2; 4A_69/2014 consid. 6.3.1; BGE 93 II 189) establishes a flexible maximum interest ceiling (flexibler Höchstzinssatz) under federal private law, which stands at approximately 18% to 20% per annum (Schärer/Maurenbrecher, in Basler Kommentar, Obligationenrecht I, 5. Aufl., 2011, N. 11 zu Art. 313; Bernhard Christ, Der Darlehensvertrag, in Schweizerisches Privatrecht VII/2, Basel 1979, S. 248, as cited in AKBR UR 2014.OG.Z.13 consid. 6). In HG ZH HG240148 consid. 3.2, contractual interest rates of 19% and 25% were partially struck down and reduced to the permissible ceiling of 18% p.a. because no extraordinary risk factors justified a higher rate. Applying this benchmark to the client's matter, the agreed interest rate of 8% per annum is well below the 18% ceiling and is fully permissible and valid. Furthermore, public law interest caps, such as those referenced under Art. 14 of the Federal Act on Consumer Credit (KKG) where the statutory ceiling is generally set not to exceed 15% (4A_350/2020 consid. 5.2.2), do not restrict an 8% rate.

Regarding default interest (Verzugszins), Art. 104 para. 1 CO dictates that a debtor in default on a pecuniary debt must pay default interest of 5% per annum, even if the contractual interest agreed upon was lower. However, pursuant to Art. 104 para. 2 CO, where the contract stipulates an interest rate higher than 5%, that higher agreed rate may continue to be applied while the debtor remains in default (HG ZH HG240148 consid. 3.3). An obligor falls into default upon formal reminder or automatically upon expiry of an agreed maturity date (Verfalltag) pursuant to Art. 102 paras. 1 and 2 CO (HG ZH HG240148 consid. 3.3). Consequently, because Alice Adams and Bob Berger validly agreed to a contractual rate of 8% p.a., Alice is entitled to claim default interest at the higher contractual rate of 8% p.a. rather than the statutory minimum of 5% p.a. from the moment Bob falls into default. It must be noted, however, that under Art. 314 para. 3 CO, any prior agreement to add accrued interest to the loan principal to compound further interest (Zinseszins) is void, subject to standard banking practices.

For the drafting and structure of repayment and interest terms, Art. 314 para. 2 CO supplies the default rule that promised interest is payable annually unless the parties agree otherwise (e.g., quarterly, as illustrated in HG ZH HG240148 consid. 2). Concerning repayment of the principal, Art. 318 CO provides that where a fixed-term loan does not specify a maturity date, a notice period for termination, or expiry on first demand, the borrower must repay the loan within six weeks of the lender's first formal request. Parties commonly specify express maturity dates, regular instalment schedules, or explicit termination notice periods, alongside defining that interest is payable per annum on a periodic basis, in order to bypass the default six-week statutory notice mechanism of Art. 318 CO and to set definite dates of default under Art. 102 para. 2 CO.

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The assistant examined the structure and paragraphs of the Loan Agreement Adams Berger document. It then proceeded to execute a python script to inspect the document's styling and text contents.

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Case file analysis and legal research

Analyzed the initial draft of the Loan Agreement between Alice Adams and Bob Berger. Under Swiss law (Art. 312 ff. CO), interest is payable where agreed by the parties (Art. 313 para. 1 CO). An interest rate of 8% per annum is fully permissible and legally enforceable, remaining well below the federal maximum interest ceiling established by the Swiss Federal Supreme Court (18–20% p.a.). Pursuant to Art. 104 para. 2 CO, where a contractual interest rate exceeding 5% is stipulated, this higher rate of 8% p.a. also applies as default interest during default. We will now update Section 4 to incorporate the 8% p.a. interest rate and calculation rules (Art. 314 para. 2 CO), align Section 8.1 regarding default interest at 8% p.a., adjust repayment clauses to account for principal and accrued interest, and fill in the known party residences (Bern and Zurich) and company seat (Zurich) while retaining bracketed placeholders for specific street addresses.

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The assistant executed a Python script to inspect all paragraphs and table contents of the Loan Agreement Adams Berger, mapped the party details in the table, and verified the structure of Section 1. Following this, it submitted an intermediate report confirming that an 8% per annum interest rate is fully permissible under Swiss law, and it is now inspecting the document's layout and styling settings via Python.

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The assistant rendered the pages of the Loan Agreement Adams Berger to verify their visual layout and then executed a Python script to inspect the text distribution across the document's three pages. Following this, it ran another script to examine the specific formatting, runs, and font details of selected paragraphs in the file.

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The assistant inspected the specific styling and text of paragraphs related to interest and default provisions in the Loan Agreement Adams Berger, confirming that Section 4 currently specifies an interest-free loan (0.00% p.a.). It then ran comprehensive searches across the document to locate all references to interest, repayment terms, and party details to prepare for modifying the agreement to an 8% interest rate.

Test modifying Loan_Agreement_Adams_Berger.docx and rendering to check page count Loan_Agreement_Adams_Berger.docx

p. 1[Place/City], Bern,

p. 1[Place/City], Zurich,

p. 1[Place/City], Zurich,

7 more

p. 1(Interest-Free Loan)

p. 1color #0f2240

p. 1is granted entirely interest-free (0.00% p.a.). No regular interest, commitment fees, or administrative charges shall bear interest at an agreed fixed rate of 8.00% per annum. Interest · or on the outstanding principal balance from the respective disbursement date of each tranche and shall be calculated on the basis of a 360-day year (30/360 day-count convention). 4.2. Accrued interest shall · during annually in arrears or at · term latest upon full repayment · this Agreement. 4.2. the principal amount on the Maturity Date pursuant to Section 5.1. In accordance with Swiss law, compound interest is excluded. 4.3. · interest-free · together with all accrued interest

p. 3Amount Amount, together with all accrued and unpaid interest,

p. 3balance. balance, and subsequent interest shall accrue only on the reduced principal amount.

p. 3statutory · 5.00% 8.00% · (pursuant to Art. 104 para. 2 CO)

p. 4for the principal amount together with accrued interest,

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The assistant updated the loan agreement by adding the 8% interest rate, updating the party locations to Bern and Zurich, and adjusting the default interest and repayment provisions. It then rendered the pages of the modified document to verify its visual layout.

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The assistant rendered the modified Loan Agreement Adams Berger to a PDF and inspected its page distribution, discovering an awkward page break where only three lines appeared on the second page. It then ran a Python script to analyze paragraph spacing and page breaks in the original document to fix the layout.

Test exact wording of Section 4 to fit perfectly on Page 1 Loan_Agreement_Adams_Berger.docx

p. 1annum. Interest shall accrue annum · balance balance, accruing · respective disbursement · each tranche and disbursement until full repayment. 4.2. Interest · (30/360 day-count convention). 4.2. Accrued interest shall be (30/360) and is · at the latest · full · of the principal amount · Date pursuant to Section 5.1. In accordance with Swiss law, compound Date. Compound · Distinction from Donation: · and agree · the granting of · subject to under · strict, unconditional, and enforceable strict · all · interest in accordance with the provisions of this Agreement. interest.

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The assistant inspected the line spacing and paragraph length in the Loan Agreement Adams Berger, then revised Section 4 to a more concise wording so it fits perfectly. After saving and re-rendering the document, it verified the new line distribution across all three pages and performed a visual inspection of page one.

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The assistant visually inspected the second page of the Loan Agreement Adams Berger, confirming correct section boundaries and bullet point alignment. It then proceeded to visually inspect the third page to verify the signature block and overall layout.

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Verify final text of all sections in Loan_Agreement_Adams_Berger.docx

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Checking citations (4)

The assistant performed a final verification of the full text and table contents in the Loan Agreement Adams Berger document. It confirmed that all sections, amendments, and signature blocks are properly formatted and complete.

The assistant is retrieving and reviewing additional Swiss Code of Obligations provisions concerning loan definitions, default timing, and debt assumption to verify the legal claims in the loan agreement.

The assistant reviewed the provisions governing debt assumption and confirmed that the debt assumption clauses in the loan agreement align with Swiss statutory requirements.

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Legal Grounding Report

Document Reviewed: Cover Memo and Loan Agreement (Loan_Agreement_Adams_Berger.docx)
Applicable Legal Framework: Swiss Code of Obligations (CO, SR 220) and Federal Act on Debt Collection and Bankruptcy (SchKG, SR 281.1)

1. Executive Summary

A full grounding check was conducted over the entire text of the document, including the introductory summary/memo and the contractual text of the Loan Agreement.

All explicit statutory citations (Art. 312 et seq. CO, Art. 314 para. 2 CO, Art. 314 para. 3 CO, Art. 104 para. 2 CO, and Art. 82 SchKG) accurately reflect the relevant provisions of Swiss federal law. No unsupported statutory claims were identified.

2. Citation-by-Citation Grounding Analysis

2.1. Swiss Law on Fixed-Term Loans (Art. 312 et seq. CO)

Document Reference: Intro / Summary ("in accordance with your instructions and Swiss law (Art. 312 et seq. CO)").
Statutory Foundation: Art. 312 CO defines a loan (Darlehen / prêt de consommation) as a contract under which the lender undertakes to transfer ownership of a sum of money or other fungible assets to the borrower, who in turn undertakes to return things of the same kind, quality, and quantity. Subsequent articles (Art. 313–318 CO) govern interest, notice periods, and terms.
Finding: Supported. The contract constitutes a valid loan agreement governed by Art. 312 et seq. CO.

2.2. Payment of Interest Annually in Arrears (Art. 314 para. 2 CO)

Document Reference: Summary Item 2 ("payable annually in arrears (Art. 314 para. 2 CO)") and Section 4.2 ("is payable annually in arrears or upon repayment on the Maturity Date").
Statutory Foundation: Under Art. 314 para. 2 CO ("Mangels anderer Abrede sind versprochene Zinse als Jahreszinse zu entrichten" / "Sauf convention contraire, les intérêts stipulés se paient annuellement"), promised interest on a loan is payable on an annual basis unless agreed otherwise.
Finding: Supported. The statutory default rule in Art. 314 para. 2 CO is annual interest payments, which aligns with Section 4.2.

2.3. Prohibition and Exclusion of Compound Interest (Art. 314 para. 3 CO)

Document Reference: Summary Item 2 ("Expressly excluded compound interest (Zinseszins) pursuant to Art. 314 para. 3 CO") and Section 4.2 ("Compound interest is excluded.").
Statutory Foundation: Art. 314 para. 3 CO provides that any prior agreement that interest will be added to the loan principal and itself become subject to interest is void ("Die vorherige Übereinkunft, dass die Zinse zum Kapital geschlagen und mit diesem weiter verzinst werden sollen, ist ungültig..."), subject to specific commercial exceptions (e.g., current accounts, savings banks).
Finding: Supported. The contractual exclusion of compound interest directly reflects and complies with the mandatory prohibition set out in Art. 314 para. 3 CO.

2.4. Default Interest Exceeding Statutory Default Rate (Art. 104 para. 2 CO)

Document Reference: Summary Item 5 ("under Swiss law (Art. 104 para. 2 CO), where the contractual interest rate exceeds the 5% statutory default rate, the agreed contractual rate continues to apply in default. The rate has been updated from 5.00% to 8.00% per annum.") and Section 8.1 ("default interest at the rate of 8.00% per annum (pursuant to Art. 104 para. 2 CO)").
Statutory Foundation: Art. 104 para. 1 CO sets the general statutory default interest rate at 5% per annum. Art. 104 para. 2 CO expressly creates an exception: where the contract envisages a rate of interest higher than 5%, that higher rate of interest may also be applied while the debtor remains in default ("Sind durch Vertrag höhere Zinse als fünf vom Hundert [...] ausbedungen worden, so können sie auch während des Verzuges gefordert werden").
Finding: Supported. Because the contractual rate is 8.00% p.a., claiming default interest of 8.00% p.a. is grounded in Art. 104 para. 2 CO.

2.5. Debt Acknowledgment and Provisional Setting Aside of Objections (Art. 82 SchKG)

Document Reference: Summary Item 6 ("unconditional acknowledgement of debt entitling the lender to provisional setting aside of an objection (provisorische Rechtsöffnung under Art. 82 SchKG)") and Section 9 ("unconditional acknowledgement of debt for the principal amount together with accrued interest, entitling the Lender to provisional setting aside of any objection (provisorische Rechtsöffnung) in summary debt enforcement and collection proceedings").
Statutory Foundation: Art. 82 para. 1 SchKG provides that a creditor whose collection claim is based on an acknowledgment of debt (Schuldanerkennung) executed by authentic instrument or signed private document may request provisional setting aside of an objection (provisorische Rechtsöffnung). Under established Swiss debt enforcement law, a signed loan agreement acknowledging receipt of funds and setting out the agreed obligation to repay principal and contractual interest constitutes a valid title for provisional release under Art. 82 SchKG.
Finding: Supported.

3. Review of Uncited Substantive Clauses

A check across the remaining contractual terms confirms their validity and consistency with Swiss law:

Default without Formal Reminder on Fixed Maturity Date (Section 8.1):

Section 8.1 provides that default interest becomes due and payable from the date of default "without formal reminder". This is legally grounded in Art. 102 para. 2 CO, which provides that where a fixed maturity date (Verfalltag) is agreed, the debtor is automatically placed in default upon the expiry of that day without a prior warning or reminder (Mahnung).

Contractual Debt Assumption (Section 7 and Signature Block):

The provisions governing debt assumption (Schuldübernahme) by Future Robotics GmbH upon incorporation, including the Lender's advance consent and subsequent release of the original borrower upon the Company's accession, are fully compatible with Art. 175 and Art. 176 CO (external debt assumption by agreement between the new debtor and creditor).

Written Form for Amendments (Section 10.1):

Contractual reservation of written form (vorbehaltene Form) is standard and valid pursuant to Art. 16 CO.

4. Conclusion

All legal assertions, statutory citations, and legal mechanisms contained in the document are fully grounded in Swiss statutory law and established doctrine. No unsupported legal claims were identified.

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Check Section 8.1 in P23 for statutory decoration

Refine Section 8.1 in Loan_Agreement_Adams_Berger.docx to pure Swiss style Loan_Agreement_Adams_Berger.docx

p. 2(pursuant to Art. 104 para. 2 CO)

The assistant reviewed the Loan Agreement Adams Berger against Swiss style rules and removed a statutory reference from Section 8.1 to ensure pure Swiss legal drafting style.

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Style review

Conducted a comprehensive Swiss writing-style review on Loan_Agreement_Adams_Berger.docx against the instructions and the Legal Grounding Report.

Statutory Citation Placement: In accordance with Swiss contract drafting conventions (where statutory articles are not cited inside substantive clauses merely to decorate or justify what the parties agreed, but are explained in the lawyer's advice), the explicit parenthetical reference '(pursuant to Art. 104 para. 2 CO)' in Section 8.1 was removed from the contractual text. The legal justification remains firmly established in our advice to the lawyer.
Structure and Form: The document follows pure Swiss commercial practice (structured numbering, Swiss amount format CHF 125'000.00 / CHF 125,000.00, absence of US-style recitals/consideration formulas, clean signature blocks, and proper debt recognition under Art. 82 SchKG).
Layout: Verified visual layout across all 3 pages; all section transitions, lists, and signature blocks remain intact and professionally aligned.

The assistant rendered the modified Loan Agreement Adams Berger to verify its visual layout after removing a statutory reference from Section 8.1. It then submitted an intermediate report confirming that the document adheres to pure Swiss commercial drafting conventions and professional formatting.

Checking citations (10)

The assistant completed its final style review of the Loan Agreement Adams Berger, confirming adherence to Swiss commercial drafting conventions. It then submitted a comprehensive legal grounding report and finalized the document.

The AI assistant read statutory references for loan contracts, debt assumption, and corporate personality under the Swiss Code of Obligations. It confirmed that these provisions support the mechanisms for the startup loan and its planned post-incorporation assumption by the company.

The assistant read the statutory provisions regarding pre-incorporation liabilities under the Swiss Code of Obligations. It found that while acting persons are personally liable before registration, the company can assume such obligations within three months to release them.

Citation check

10 citations checked.

Grounding Review Report

This report evaluates the legal statements and mechanisms contained in the document titled "Loan_Agreement_Adams_Berger.docx" review memorandum and contract text against authentic Swiss statutory law (the Swiss Code of Obligations [CO, SR 220] and the Federal Act on Debt Collection and Bankruptcy [SchKG, SR 281.1]) as well as the relevant jurisprudence of the Swiss Federal Supreme Court and cantonal commercial courts.

1. Executive Summary

A comprehensive check across the entirety of the document indicates that the vast majority of statutory and doctrinal propositions are accurate and fully grounded. However, the check identified one materially inaccurate claim regarding the scope and figures of the Federal Supreme Court's maximum interest rate case law, as well as nuances concerning the mandatory or non-mandatory nature of certain interest rules and pre-incorporation debt assumption rules under Swiss corporate law:

Unsubstantiated / Inaccurate Claim Regarding Federal Maximum Interest Ceiling Range: The document asserts that the Swiss Federal Supreme Court established a flexible maximum interest ceiling (flexibler Höchstzinssatz) of "18%–20% p.a." citing BGE 93 II 189, 4A_350/2020 E. 5.2.2, and HG ZH HG240148 E. 3.2. Neither the Federal Supreme Court decisions nor the Zurich Commercial Court judgment establish an upper threshold of "20% p.a." Rather, the established guideline rate (Richtwert) recognized by the Federal Supreme Court and cantonal courts is ca. 18% p.a. (or 15% under the Consumer Credit Act, Art. 14 KKG).
Partially Unsupported Characterization of Art. 314 para. 3 CO as an Absolute Mandatory Prohibition: The memorandum characterizes the exclusion of compound interest as complying directly with the "mandatory prohibition in Art. 314 para. 3 CO". Under the text of Art. 314 para. 3 CO, only prior agreements to add accrued interest to principal are void, and the statute contains explicit statutory exceptions (e.g. current accounts and savings banks). While the contractual exclusion in the document is fully valid, framing it as an unqualified mandatory prohibition overstates the statutory text.
Pre-Incorporation Debt Assumption Mechanism (Art. 176 CO vs. Art. 779a CO): The agreement structures the transfer of liability to Future Robotics GmbH via external contractual debt assumption (Schuldübernahme, Art. 176 CO) rather than statutory pre-incorporation ratification under corporate law (Art. 779a CO / Art. 645 CO). While legally viable under general contract law, the memorandum’s statement that "None of the statutory bases are contested or legally uncertain" overlooks the legal requirements of corporate capacity and management resolution timing upon incorporation.

2. Detailed Grounding Analysis by Claim

2.1. Maximum Interest Ceiling (Flexibler Höchstzinssatz)

Document Claim:

"An agreed rate of 8.00% per annum is fully valid and well below the federal maximum interest ceiling (flexibler Höchstzinssatz) established by the Swiss Federal Supreme Court (18%–20% p.a.; see BGE 93 II 189, 4A_350/2020 consid. 5.2.2, and HG ZH HG240148 consid. 3.2)."

Grounding Status: Partially Unsupported / Inaccurate as to the 20% Upper Figure.
Analysis against Cited Authorities:
In BGE 93 II 189 E. b, the Federal Supreme Court examined an agreed interest rate of 26% p.a., deemed it immoral (sittenwidrig, Art. 20 CO), and upheld the lower court's determination fixing the permissible maximum rate at 18% p.a. ("Indem die Vorinstanz den zulässigen Höchstzinssatz auf 18% festlegte, bewegte sie sich im Rahmen pflichtgemässen Ermessens.").
In 4A_350/2020 E. 5.2.2, the Federal Supreme Court confirmed:

"Indes ist nicht strikt und unbesehen der Umstände des Einzelfalles von einem zulässigen Höchstzinssatz von 18% auszugehen, sondern es handelt sich dabei um einen Richtwert. Insbesondere zu berücksichtigen ist das vom Kreditgeber eingegangene Verlustrisiko (vgl. BGE 93 II 189 E. b)."

In HG ZH HG240148 E. 3.2, the Zurich Commercial Court reiterated:

"Gestützt auf die Rechtsprechung des Bundesgerichts (...) gilt bundesprivatrechtlich ein flexibler Höchstzinssatz, der – besondere, vom Darleiher vorzutragende Umstände vorbehalten – bei ca. 18% pro Jahr liegt."

Nowhere in BGE 93 II 189, 4A_350/2020, or HG240148 does the court establish or mention an interest ceiling of "20% p.a." The standard benchmark under Swiss civil jurisprudence for the flexible ceiling is approx. 18% p.a.
Conclusion: The document's conclusion that an 8.00% p.a. contractual rate is fully valid and well below the usury/immorality ceiling is correct; however, attributing a "18%–20% p.a." ceiling to the Federal Supreme Court and the cited authorities is legally unsupported by the texts of those decisions.

2.2. Contractual Interest in Non-Commercial Dealings (Art. 312 & 313 para. 1 CO)

Document Claim:

"Contractual Interest (Art. 312 & 313 para. 1 CO): In non-commercial dealings, interest is payable when expressly agreed (Art. 313 para. 1 CO)."

Grounding Status: Fully Supported.
Analysis against Cited Authorities:
Art. 312 CO defines a loan for consumption (Darlehensvertrag): the lender undertakes to transfer ownership of a sum of money, and the borrower undertakes to return things of the same kind, quantity, and quality.
Art. 313 para. 1 CO expressly provides: "In normal dealings, interest is payable on a fixed-term loan only where this has specifically been agreed" ("Das Darlehen ist im gewöhnlichen Verkehre nur dann verzinslich, wenn Zinse verabredet sind").
Because Bob Berger is borrowing as a private individual prior to incorporation, the transaction qualifies as ordinary non-commercial dealings, making the express agreement of 8.00% p.a. in Section 4.1 compliant with Art. 313 para. 1 CO.

2.3. Timing of Interest Payment (Art. 314 para. 2 CO)

Document Claim:

"Payment in Arrears (Art. 314 para. 2 CO): Pursuant to Art. 314 para. 2 CO, loan interest is payable annually unless otherwise agreed. The clause provides for annual payments in arrears or payment upon full bullet repayment on the Maturity Date."

Grounding Status: Fully Supported.
Analysis against Cited Authorities:
Art. 314 para. 2 CO states: "Unless otherwise agreed, the promised interest is payable annually" ("Mangels anderer Abrede sind versprochene Zinse als Jahreszinse zu entrichten").
Section 4.2 of the agreement stipulates: "interest... is payable annually in arrears or upon repayment on the Maturity Date." This is in direct alignment with the default statutory mechanism and the party autonomy afforded by "unless otherwise agreed".

2.4. Compound Interest Prohibition (Art. 314 para. 3 CO)

Document Claim:

"Prohibition of Compound Interest (Art. 314 para. 3 CO): The contractual exclusion of compound interest (Zinseszins) complies directly with the mandatory prohibition in Art. 314 para. 3 CO."

Grounding Status: Supported, with a Minor Doctrinal Qualification.
Analysis against Cited Authorities:
Art. 314 para. 3 CO provides: "Any prior agreement that interest will be added to the loan principal and become subject to further interest is void, subject to standard business practices and in particular those of savings banks for calculating interest on current accounts and similar commercial instruments under which the calculation of compound interest is customary."
The contract explicitly excludes compound interest in Section 4.2 ("Compound interest is excluded").
Qualification: While the document calls it a "mandatory prohibition", Art. 314 para. 3 CO specifically prohibits prior agreements to capitalize interest ("vorherige Übereinkunft" / "convenir d’avance"), leaving open capitalization agreements made after interest has fallen due, as well as customary current account/banking operations. Nevertheless, stating that the contractual exclusion complies with the statutory rule is substantively accurate.

2.5. Default Interest Rate (Art. 104 paras. 1 & 2 CO)

Document Claim:

"Default Interest Rate (Art. 104 para. 2 CO): Under Art. 104 para. 1 CO, the statutory default rate is 5% p.a. However, Art. 104 para. 2 CO provides that where the contractual rate exceeds 5%, that higher agreed rate (here, 8.00% p.a.) continues to apply during default."

Grounding Status: Fully Supported.
Analysis against Cited Authorities:
Art. 104 para. 1 CO establishes the baseline statutory default rate of 5% per annum.
Art. 104 para. 2 CO states: "Where the contract envisages a rate of interest higher than 5%, whether directly or by agreement of a periodic bank commission, such higher rate of interest may also be applied while the debtor remains in default" ("Sind durch Vertrag höhere Zinse als fünf vom Hundert... ausbedungen worden, so können sie auch während des Verzuges gefordert werden").
The agreed rate is 8.00% p.a.; applying 8.00% p.a. as default interest pursuant to Section 8.1 is fully grounded in Art. 104 para. 2 CO.

2.6. Default Without Reminder on Fixed Date (Art. 102 para. 2 CO)

Document Claim:

"Default Without Reminder on Fixed Date (Art. 102 para. 2 CO): Because an explicit maturity date is set, the borrower is automatically in default upon expiry of that date without a prior formal reminder (Mahnung)."

Grounding Status: Fully Supported.
Analysis against Cited Authorities:
Art. 102 para. 2 CO provides: "Where a deadline for performance of the obligation has been set by agreement... the obligor is automatically in default on expiry of the deadline" ("Wurde für die Erfüllung ein bestimmter Verfalltag verabredet... so kommt der Schuldner schon mit Ablauf dieses Tages in Verzug").
Section 5.1 sets a specific bullet Maturity Date, and Section 8.1 provides for default without formal reminder (Mahnung), conforming to Art. 102 para. 2 CO.

2.7. Acknowledgment of Debt and Summary Debt Enforcement (Art. 82 SchKG)

Document Claim:

"Debt Acknowledgment (Art. 82 SchKG): The signed loan agreement acknowledging receipt of funds and setting out the unconditional obligation to repay principal together with accrued interest constitutes an acknowledgment of debt (Schuldanerkennung) entitling the lender to provisional setting aside of an objection (provisorische Rechtsöffnung)."

Grounding Status: Fully Supported.
Analysis against Cited Authorities:
Art. 82 para. 1 SchKG provides: "A creditor whose collection is based on an acknowledgment of debt either by authentic instrument or privately signed may request provisional release [provisional setting aside of the objection / provisorische Rechtsöffnung]."
Under established Swiss debt enforcement law, a loan contract signed by the debtor that contains an unconditional promise to repay a determined sum of money, coupled with written receipt or proof of disbursement, constitutes a valid private debt acknowledgment (doppelseitige Schuldanerkennung).
Section 2.3 and Section 9 contain explicit, unconditional acknowledgments of receipt and obligations to repay, fulfilling the requirements of Art. 82 SchKG.

2.8. Post-Incorporation Debt Assumption (Section 7 and Signature Block)

Contractual Provision & Legal Basis:
Section 7 and the execution block establish an advance consent by the Lender to an external debt assumption (Schuldübernahme, Art. 176 CO) by Future Robotics GmbH once registered, accompanied by an accession signature by Future Robotics GmbH.
Art. 176 para. 1 CO governs external debt assumption: "The replacement of the previous debtor and his release is effected by contract between the assuming debtor and the creditor."
Art. 779a para. 2 CO governs actions taken on behalf of a GmbH prior to registration: "If the company assumes within three months of its registration obligations expressly entered into in its name, the acting persons are released, and only the company is liable."
Observation: The document handles the assumption through an advance consent and post-incorporation execution block. This satisfies the bipartite structure of Art. 176 CO. However, the reviewer's note claiming "None of the statutory bases are contested or legally uncertain" overlooks that if Bob Berger signs both for himself and as sole Managing Director of Future Robotics GmbH when assuming the loan, rules against self-dealing (Insichgeschäft) and corporate interest verification under Swiss company law must be observed to prevent challenge by minority shareholders or bankruptcy trustees.

3. Summary of Findings

Statement / Legal Claim	Statutory / Case-law Basis	Grounding Status	Notes / Discrepancies
8.00% p.a. contractual interest	Art. 312, 313 para. 1 CO	Supported	Validly agreed in non-commercial loan.
Federal maximum interest ceiling (18%–20%)	BGE 93 II 189, 4A_350/2020, HG ZH HG240148	Partially Unsupported	Erroneous range: Jurisprudence recognizes ca. 18% p.a.; there is no judicial basis for a "20% p.a." threshold in the cited sources.
Interest payable in arrears annually	Art. 314 para. 2 CO	Supported	Conforms directly to statutory default rule.
Compound interest exclusion	Art. 314 para. 3 CO	Supported (with qualification)	Prior capitalization is void; the contractual waiver is fully compliant.
Default interest continues at contractual 8%	Art. 104 paras. 1 & 2 CO	Supported	Higher agreed rate applies during default under Art. 104 para. 2 CO.
Default without reminder on maturity	Art. 102 para. 2 CO	Supported	Fixed maturity date creates automatic default (Verfalltag).
Provisional setting aside of objection	Art. 82 SchKG	Supported	Signed agreement acknowledging receipt and unconditional repayment constitutes a Schuldanerkennung.
External Debt Assumption	Art. 176 CO / Art. 779a CO	Supported	Contractual mechanics function under Swiss law, subject to ordinary corporate governance rules upon registration.

Conclusion

The document is well-grounded in Swiss federal statutes and jurisprudence, with one specific correction required: the assertion that the Swiss Federal Supreme Court established a flexible ceiling of "18%–20% p.a." must be revised to state ca. 18% p.a. as established in BGE 93 II 189, 4A_350/2020 E. 5.2.2, and HG ZH HG240148 E. 3.2.

Reading «4A_350/2020»

Reading «Art 779a OR»

The assistant reviewed the Federal Supreme Court judgment 4A_350/2020 and read the statutory provisions of Article 779a of the Swiss Code of Obligations to verify the pre-incorporation debt assumption rules.

Grounding review and statutory confirmation

Conducted thorough legal research and grounding verification on the issues flagged in the Grounding Review Report:

Maximum Interest Ceiling: Confirmed that under authentic Federal Supreme Court jurisprudence (BGE 93 II 189 E. b, 4A_350/2020 E. 5.2.2) and Zurich Commercial Court practice (HG ZH HG240148 E. 3.2), the federal private law benchmark (Richtwert) for the flexible maximum interest ceiling (flexibler Höchstzinssatz) is ca. 18% p.a. (not '18%–20% p.a.'). An agreed rate of 8.00% p.a. is fully permissible and well below this benchmark.
Compound Interest: Art. 314 para. 3 CO prohibits prior agreements to capitalize interest (vorherige Übereinkunft), subject to statutory banking exceptions. The contractual exclusion in Section 4.2 of the agreement fully conforms to this rule.
Post-Incorporation Debt Assumption: Section 7 and the execution block rely on external debt assumption (Art. 176 CO) coupled with advance lender consent and post-incorporation accession. From a corporate law standpoint (Art. 779a para. 2 CO), the assumption by Future Robotics GmbH upon registration within three months must be formally ratified by corporate resolution, and corporate governance rules (e.g. regarding self-dealing if Bob Berger acts on both sides) should be monitored by the parties upon execution.

All issues flagged in the citation check have been settled and confirmed.

The assistant read the statutory text of Article 779a of the Swiss Code of Obligations regarding pre-incorporation liability. It then submitted an intermediate report confirming the legal soundness of the maximum interest ceiling, compound interest restrictions, and post-incorporation debt assumption rules under Swiss law.

Checking citations (9)

The assistant finalized its grounding review, confirming that the 8% interest rate, compound interest exclusions, and pre-incorporation debt assumption comply with Swiss statutory law and Federal Supreme Court jurisprudence. It then verified that the document adheres to Swiss commercial drafting conventions and a clean three-page layout.

The assistant completed a comprehensive grounding check of the Loan Agreement against Swiss law, confirming that nearly all legal claims are well-supported while noting that the post-incorporation debt release relies on contractual debt assumption under Article 176 CO rather than automatic statutory transfer.

Citation check

9 citations checked.

Grounding Review Report: Full Legal and Citation Verification

This report provides a comprehensive grounding check across the entire submitted document, including the memo/advisory text and the underlying contract text (Loan_Agreement_Adams_Berger.docx). Each legal assertion, statutory reference, and case citation has been evaluated against authentic Swiss statutory law (the Swiss Code of Obligations [CO], the Swiss Federal Act on Debt Enforcement and Bankruptcy [SchKG], the Consumer Credit Act [KKG], and the Swiss Civil Procedure Code [CPC/ZPO]) as well as the jurisprudence of the Swiss Federal Supreme Court (Bundesgericht) and the cantonal commercial courts.

1. Executive Summary

Well-grounded claims: The majority of core contractual and statutory principles—including the 8.00% p.a. interest rate and 8.00% default interest rate under Art. 104 para. 2 CO, the exclusion of compound interest under Art. 314 para. 3 CO, the mechanics of contractual debt assumption under Art. 176 CO, the dual-characterization and function of an acknowledgement of debt under Art. 82 SchKG, and the governance of default under Art. 102 para. 2 CO—are accurate and fully supported by Swiss law.
Partially supported / Inaccurate nuances identified:

Applicability of Art. 779a para. 2 CO vs. Art. 176 CO: While Art. 779a para. 2 CO applies to pre-incorporation obligations of a GmbH, it strictly requires that obligations were entered into "expressly in the name of the company to be formed" (im Namen der Gesellschaft). The agreement is explicitly concluded between Alice Adams as Lender and Bob Berger personally as Borrower. Consequently, Bob Berger’s post-incorporation release operates by virtue of an advance-consented external debt assumption (Schuldübernahme) under Art. 176 CO, rather than the direct statutory ex-lege transfer mechanism of Art. 779a para. 2 CO.
Citation check on Art. 104 para. 2 CO: The quotation provided in the preliminary citation check for Art. 104 para. 2 CO was erroneous (quoting paragraph 1 instead of paragraph 2). Paragraph 2 correctly authorizes default interest at the higher contractual rate (here 8.00% p.a.).
SchKG reference in the introductory memo: The memo mentions "(CO and SchKG)" in Section 1, but no SchKG article was cited in Section 1 (though the concept of provisorische Rechtsöffnung appears in Section 9 of the agreement, governed by Art. 82 SchKG).
Self-dealing (Insichgeschäft) requirements: While the advisory note rightly cautions against self-dealing challenges under Swiss corporate law when Bob Berger executes the debt accession on behalf of Future Robotics GmbH, Swiss case law (BGE 126 III 361, BGE 127 III 332) requires approval by an uninvolved body or special corporate resolution where the managing director contracts with himself.

2. Detailed Grounding Review by Topic and Provision

2.1. Maximum Interest Ceiling (Flexibler Höchstzinssatz)

Claim: The flexible ceiling under Swiss federal private law recognizes ca. 18% per annum as a guideline benchmark (Richtwert), alongside the statutory maximum in the Consumer Credit Act (Art. 14 KKG). The agreed 8.00% p.a. is fully valid and does not violate Art. 20 or Art. 21 CO.
Citations: BGE 93 II 189 E. b; 4A_350/2020 E. 5.2.2; HG ZH HG240148 E. 3.2; Art. 14 KKG; Art. 21 CO.
Grounding Assessment: FULLY SUPPORTED.
In BGE 93 II 189 E. b, the Federal Supreme Court established that an interest rate of 26% was contrary to good morals (sittenwidrig, Art. 20 CO) and upheld a ceiling of 18% p.a.
In 4A_350/2020 E. 5.2.2, the Federal Supreme Court explicitly reaffirmed: "Indes ist nicht strikt und unbesehen der Umstände des Einzelfalles von einem zulässigen Höchstzinssatz von 18% auszugehen, sondern es handelt sich dabei um einen Richtwert."
In HG ZH HG240148 E. 3.2, the Zurich Commercial Court confirmed that under federal private law a flexible maximum interest rate of ca. 18% p.a. applies, reducing excessive interest rates exceeding this cap under Art. 20 para. 2 CO.
Art. 14 KKG provides that the maximum permissible consumer credit rate determined by the Federal Council shall not exceed 15%.
Under Art. 21 CO, lesion (Übervorteilung) requires an obvious disparity between performance and consideration combined with exploitation of straitened circumstances, inexperience, or thoughtlessness. An 8.00% p.a. commercial seed loan rate is well within legal boundaries.

2.2. Prohibition of Compound Interest (Zinseszinsverbot)

Claim: Art. 314 para. 3 CO renders void any prior agreement ("vorherige Übereinkunft") to add accrued interest to the loan principal to compound further interest, subject to commercial/current-account exceptions. Section 4.2 of the agreement conforms to this mandatory rule.
Citations: Art. 314 para. 3 CO; Agreement Section 4.2.
Grounding Assessment: FULLY SUPPORTED.
Art. 314 para. 3 CO explicitly states: "Die vorherige Übereinkunft, dass die Zinse zum Kapital geschlagen und mit diesem weiter verzinst werden sollen, ist ungültig..."
Section 4.2 of the agreement stipulates: "Compound interest is excluded." This directly complies with the statutory prohibition.

2.3. Pre-Incorporation Debt Assumption: Art. 176 CO vs. Art. 779a para. 2 CO

Claim: Under Art. 779a para. 2 CO, when obligations are entered into prior to registration on behalf of a company to be formed, the acting founder is released and only the company is liable if the company assumes the obligation within three months of entry in the Commercial Register. Section 7 and the accession block structure the debt assumption as an external debt assumption under Art. 176 CO.
Citations: Art. 176 CO; Art. 779a para. 2 CO; Agreement Section 7.
Grounding Assessment: PARTIALLY SUPPORTED / CONCEPTUALLY QUALIFIED.
Text of Art. 779a para. 2 CO: "Übernimmt die Gesellschaft innerhalb von drei Monaten nach ihrer Eintragung Verpflichtungen, die ausdrücklich in ihrem Namen eingegangen werden, so werden die Handelnden befreit, und es haftet nur die Gesellschaft."
Critical Distinction: Art. 779a para. 2 CO strictly requires that the founder contracted expressly in the name of the company to be formed (ausdrücklich in ihrem Namen). In this agreement, the named Borrower in the preamble is Bob Berger personally ("Bob Berger, residing in Zurich, Switzerland"), not "Bob Berger acting on behalf of Future Robotics GmbH in formation".
True Legal Mechanism: Because Bob Berger contracted in his personal name, the release of Bob Berger cannot rely on the automatic statutory mechanism of Art. 779a para. 2 CO. Instead, Section 7 and the accession signature block establish a contractual external debt assumption (Schuldübernahme) governed by Art. 176 CO, consisting of:
1. An offer/agreement to assume debt between the new debtor (Future Robotics GmbH) and the creditor (Alice Adams); and
2. Advance consent (Vorausgenehmigung) by Alice Adams (granted in Section 7.2), which perfects the transfer and releases Bob Berger upon the Company's formal accession.
Conclusion: The document correctly describes the contractual architecture under Art. 176 CO, but the reference to Art. 779a para. 2 CO should be qualified to clarify that Bob Berger did not contract in the name of the company under Art. 779a para. 1–2 CO, making Art. 176 CO the controlling provision.

2.4. Default Interest and Excision of Statutory Citations

Claim: Default interest of 8.00% p.a. without formal reminder is valid. A parenthetical reference to Art. 104 para. 2 CO was excised in accordance with Swiss contract drafting practice.
Citations: Art. 104 para. 2 CO; Art. 102 para. 2 CO; Agreement Section 8.1.
Grounding Assessment: FULLY SUPPORTED (with a citation text correction).
Statutory Rule: Under Art. 104 para. 1 CO, statutory default interest is 5.00% p.a. Under Art. 104 para. 2 CO, where the contractual interest rate exceeds 5.00%, such higher rate may also be claimed as default interest ("Sind durch Vertrag höhere Zinse als fünf vom Hundert [...] ausbedungen worden, so können sie auch während des Verzuges gefordert werden").
Citation check text error: The citation check for Art. 104 para. 2 CO accidentally quoted Art. 104 para. 1 CO ("must pay default interest of 5% per annum even where a lower rate of interest was stipulated by contract"). The actual statutory text of Art. 104 para. 2 CO authorizes the continuation of the contractual rate of 8.00% p.a.
Absence of formal reminder: Section 5.1 and Section 8.1 establish a fixed maturity date (bullet repayment date / Verfalltag). Under Art. 102 para. 2 CO, when an expiration date is stipulated, the debtor falls into default automatically upon the expiration of that day without reminder ("Wurde für die Erfüllung ein bestimmter Verfalltag verabredet [...] so kommt der Schuldner schon mit Ablauf dieses Tages in Verzug").

2.5. Recognition of Debt and Summary Debt Enforcement

Claim: Section 9 of the agreement provides that the agreement constitutes an unconditional acknowledgement of debt (Schuldanerkennung), entitling the Lender to provisional setting aside of an objection (provisorische Rechtsöffnung) in summary debt enforcement proceedings.
Citations: Section 9 of the agreement; SchKG (implied Art. 82 SchKG).
Grounding Assessment: FULLY SUPPORTED UNDER SWISS ENFORCEMENT LAW.
Under Art. 82 para. 1 SchKG, a creditor whose claim is based on a written acknowledgement of debt signed by the debtor may request provisional setting aside of the objection (provisorische Rechtsöffnung).
In a bilateral synallagmatic or loan contract, a written contract signed by the debtor constitutes a valid acknowledgement of debt under Art. 82 SchKG if the disbursement of the funds is either unreservedly acknowledged in writing or proven by documentary evidence.
In Section 2.1–2.3, Bob Berger expressly acknowledges unconditional and irrevocable prior receipt of both tranches totaling CHF 125,000.00. This renders the document a liquid, enforceable title (Rechtsöffnungstitel) under Art. 82 SchKG.

2.6. Corporate Governance, Representation, and Self-Dealing (Insichgeschäft)

Claim: Bob Berger, as Managing Director of Future Robotics GmbH, must ensure that formal corporate resolutions (Geschäftsführungsbeschluss / Gesellschafterbeschluss) are passed to prevent self-dealing (Insichgeschäft) challenges when executing the debt accession.
Citations: Memo Section 1, Item 3; Agreement Section 7.3.
Grounding Assessment: FULLY SUPPORTED BY ESTABLISHED CASE LAW.
Under Swiss law (BGE 126 III 361 E. 3a; BGE 127 III 332 E. 2a), contracts entered into by a representative with himself (Insichgeschäft, including Selbstkontrahieren or Doppelvertretung) are fundamentally invalid due to an inherent conflict of interest, unless the transaction was specifically authorized in advance or subsequently ratified by an independent or higher corporate body (or where the transaction presents no risk of disadvantage to the company).
Because Bob Berger is both the debtor being released and the managing director binding the newly formed GmbH to assume that exact debt, having an explicit shareholders' resolution (Gesellschafterbeschluss) or managing directors' formal resolution approving the debt accession is legally indispensable to ensure corporate validity and protect against challenge.

3. Summary of Findings and Recommended Corrections

Document Section	Issue / Assertion	Finding	Corrective Note
Memo Sec. 1	Cross-examination against (CO and SchKG)	SchKG reference not elaborated in Section 1	Note that SchKG applies specifically to Section 9 (Art. 82 SchKG, provisorische Rechtsöffnung).
Memo Sec. 1, Item 1	18% p.a. flexible cap under Art. 20 CO / guideline benchmark	Supported	Reaffirmed by BGE 93 II 189, 4A_350/2020, and HG240148.
Memo Sec. 1, Item 2	Art. 314 para. 3 CO compound interest ban	Supported	Section 4.2 directly mirrors statutory prohibition.
Memo Sec. 1, Item 3	Art. 779a para. 2 CO vs. Art. 176 CO	Partially Supported	Bob Berger signs in his own personal capacity, not expressly in the name of the company to be formed. Hence, release occurs under Art. 176 CO (contractual debt assumption with advance creditor consent), not the statutory mechanism of Art. 779a para. 2 CO.
Citation Check	Art. 104 para. 2 CO text	Mismatch	The citation check quoted Art. 104 para. 1 CO instead of para. 2. The legal claim that 8.00% default interest is valid remains fully supported by the true text of Art. 104 para. 2 CO.
Agreement Sec. 8.1	Default interest at 8.00% without reminder	Supported	Grounded in Art. 104 para. 2 CO and Art. 102 para. 2 CO (fixed maturity date / Verfalltag).
Agreement Sec. 9	Provisorische Rechtsöffnung	Supported	Grounded in Art. 82 para. 1 SchKG; receipt of funds is expressly acknowledged in Section 2.3.