Wie ist es z.B. mit

Each holder of the Notes has the right to claim payment of... from the issuer... ?

Vgl. zur Formulierung z.B.

Trustee of Deceased Bankrupt Cannot Claim Payment From Spouse

http://www.chubb-bulleid.co.uk/site/library/l...

The user has the right to cancel (terminate) the service agreement with the partner within a maximum of 20 working days

(gegenüber dem Vertragspartner versteht sich eigentlich von selbst).

It's not wrong. The phrase in English is somewhat formal, but still quite frequent. In my experience, the most common meaning is "in relation to."

https://www.merriam-webster.com/dictionary/vi...

It seems correct and appropriate here in your example. People expect legal language to be formal. Of course, there are other ways to express the idea, such as the wording suggested in #1.

I don't understand what the third example means: ... stating that it has the right vis-à-vis all other states to penalise and punish this act.

(I'm speaking from an AE perspective. It's possible that BE usage is a little different.)