Mortgage Act

1. The valid liens and securities existing at the time of the Swiss Civil Code's entry into force shall retain their validity and, with respect to interest rate, cancellability, and all other conditions, remain subject to the previous legal provisions. Articles 22 to 32 of the Final Title of the Swiss Civil Code are reserved.

1. The official property valuation is to be revised every 15 years. This revision, as well as the initial valuation of new constructions, shall be conducted at the state's expense.

1. Corporations require the approval of the government council to establish liens on their real estate.

2. Huts and buildings in communal Alps and on third-party land may not be encumbered with liens.

1. Only the actual owner of the encumbered or co-encumbered property, as well as their legal representatives or agents, are entitled to terminate and repay mortgages established before January 1, 1912, and may also be obligated to do the latter (subject to § 24). Similarly, only the actual owner of a claim secured within the official assessment and an insurance binding within or outside of it, as well as their legal representatives or agents, are entitled to terminate.

1. When the owners of adjoining plots of land exchange approximately equivalent parcels of land for the correction of irregular boundaries, rounding off the property, etc., existing mortgages shall follow the new law.

1. Termination of the claim by the creditor can only be asserted against a co-owner of the pledged item, who is not the debtor (obligor), if it is also effected against them, and only for the amount for which they have not been paid from the enforcement against the debtor (obligor).

1. The mortgage register and the land registers, as well as all associated extracts, supplements, entries, and certificates, shall be handled by the notary's office.

2. Additionally, it manages the deposits of securities (life annuities, deposits, securities of communal alps, etc.) that are lodged in the state archive or are to be lodged in the future.

1. The fees for the registration and issuance of mortgage liens are to be paid into the state treasury.

2. The official notary must demonstrate the necessary knowledge and qualifications, provide a cash deposit of CHF 10,000, and shall be sworn in or take an oath for the conscientious fulfillment of the duties assigned to him by regulation or agreement, by the magistrate.

3. The official notary is not subject to compulsory service or the obligation to accept guardianships.

4. His conduct in office shall be subjected to an examination by the government council at appropriate intervals.

1. Through the mortgage, a property is pledged as collateral for a specified sum, covering both principal and interest.

1. If a part of the collateral is expropriated, every real estate lien ceases on the expropriated part.

2. However, the mortgage creditors are entitled, according to their rank, first the holder of the first mortgage, then the second mortgage, and so forth, to the expropriation amount, which is to be deposited with the Nidwalden Cantonal Bank and, after the expiry of the objection period determined by the court commission and published in the official gazette, paid out to the entitled mortgage creditors or, in the absence of objections, to the property owner. Mortgages that are paid off due to expropriation are to be canceled.

1. If meadows or forests are encumbered with a mortgaged property, the foreclosure for overlapping ground rents is to be initiated at the location where the rent-obligated property is situated. In this case, the encumbered real estate is also liable for the rents for which foreclosure has been initiated.

1. The annuities listed in the official property assessment can be canceled by the debtor as well as the creditor every five years, calculated from the year of establishment. If annuities are to be redeemed before their due date, the date of issuance applies, not the allegedly earlier date.

2. Cancellation can only occur on November 11 of the respective year, with a notice period of six months.

3-4. ...

5. If a building is excluded from the Cantonal Property Insurance, the annuities charged on the respective property can be canceled by the creditor at any time, with a notice period of six months, without regard to the provisions of paragraphs 1 and 2.

1. If the debtor wishes to repay the relevant annuity along with interest after termination but before November 11th (Martini) of the relevant year, it is permitted; however, in this case, they must still pay the interest calculated up to the following November 11th along with the principal sum.

2. When repaying annuities, the full nominal value thereof (calculated at Pfd. 7 = Fr. 3 for pound annuities) must be paid without regard to the agreed interest, including any outstanding and possibly accruing interest up to the day of repayment and any potential enforcement costs.

1. If, according to law, a rent charge is terminated for repayment and its interest-bearing collateral changes ownership before the next payment date, the new purchaser of the property must be notified, and the termination must be recorded in the relevant file. The creditor can demand payment from the new owner, and the latter assumes the rights and obligations of the previous property owner concerning the repayment and ownership of the terminated mortgage.

2. When redeeming terminated rent charges within the official property valuation, if the rent charge has since changed hands, upon request, the official certificate of proper termination must be presented to the person who currently holds or has custody of the rent charge.

3. If a terminated rent charge comes into new ownership, the former owner or the new acquirer must immediately inform the debtor of the change in ownership.

1. The debtor may personally hand over or arrange for the handing over of the amount of the terminated annuity along with interest due at maturity to the annuity holder, or alternatively, deposit it at the Cantonal Bank of Nidwalden after notifying the annuity holder, where the creditor can receive the amount without charge upon surrendering the terminated annuity.

1. When an obligation is discharged by the debtor in accordance with the provisions of the present law, the corresponding title of obligation shall be delivered to the debtor unsealed.

1. If an obligation terminated pursuant to § 12 is not paid off by the next due date, the obligation holder may initiate proceedings for the enforcement of the mortgage for interest, principal, and associated costs within one month. If he fails to do so, the obligation shall continue to exist in its rank.

1. Gülten outside of the official property appraisal can be repaid by the debtor at any time without prior notice. In the event of repayment, in addition to the principal amount, any outstanding expired interest and the current interest up to the day of repayment must be paid to the creditor.

2. The creditor may terminate Gülten outside of the official property appraisal in accordance with § 12.

1. If a rent (Gült) is to be divided into two or more parts, this must be noted both on the respective rent register or protocol as well as on the original rent title. Separate titles are to be issued for the part or parts to be written out. The original document, with the aforementioned note, is to be retained for the foremost part of the rent, which maintains the original sequence.

1. Upon any transfer of real estate encumbered with mortgages, the previous owner is required to provide the new acquirer with an exact list of interest payments or a register of the encumbering mortgages, including details of the owners.

1. If no interest is collected or demanded from an obligation for thirty years, the same shall be extinguished by prescription.

2. If interest has been paid without objection from a property for an obligation for thirty years until the clearing of obligations by the respective municipality, the property owner is required to redeem the respective obligation.

1. By the insurance, a property is pledged for a specific claim or performance with or without interest, in the sense that the insured sum, provided it is intended to cover a matured monetary claim, can be both called in by the creditor and paid off by the debtor.

1. Interest-Bearing Insurances Within or Outside the Official Asset Valuation can be terminated with a three-month notice period. The insurance interest rate is due annually on Martinstag (11th November), equivalent to the current interest rate, unless another interest date is expressly stipulated and included in the insurance document. Where the interest on the insured sum is not expressly stipulated or has not occurred previously, it is considered non-interest-bearing. For termination and repayment of insurances, the same regulations apply as for the "Gülten" (annual dues or rents). (§12, paras. 2, 3, 4; §13, para. 2; §14, 15, 17.)

2. For insurances with payments for which a specific payment date is agreed, no prior termination shall take place.

1. If a property is sold or transferred voluntarily, in addition to the new acquirer, the previous owner is also liable for the claim underlying an insurance for six months from the time the relevant transfer of ownership is communicated to the insurance holder.

2. If the previous property owner is subjected to enforcement proceedings within this period, they remain liable until the conclusion of the enforcement.

1. Substitution and Transfer of Ownership of Insurance or Parts of Insurance must, in order to be valid, be recorded both in the mortgage register or the respective interest rate, and on the insurance document itself by the mortgage office. This requires either a statement from the previous insurance holder or the presentation of a certificate from the same indicating that the insurance has been paid off, or it may be attributed to a third party.

1. A revision of the appraisal, with pledged furniture, can be requested either by the owner of the furniture or by a mortgage creditor to whom the furniture is also pledged. Such a request must be made to the debt enforcement office, and the costs shall be borne by the party who requested the revision.

2. If the inventory is depleted through use and is supplemented or increased through new acquisitions, the latter shall take the place of the former inventory items as collateral.

3. The creditor is permitted at any time to verify the presence of the furniture pledged within his mortgage on-site with the debt enforcement office at his own expense.

1. If the mortgage on the property for an insured claim is wholly or partially lost due to a forced auction by the debt collection or bankruptcy office, the debtor is personally liable for the part not sufficiently covered, treating this part as an outstanding claim. In the event of bankruptcy, this portion is to be classified as a fifth-class claim, alongside the other registered outstanding debts, without requiring further notification from the creditor.