§ 1-310. Subordinated obligations

Latest version.

(a) In general. -- An obligation may be issued as subordinated to performance of another obligation of the person obligated, or a creditor may subordinate its right to performance of an obligation by agreement with either the person obligated or another creditor of the person obligated.

(b) Security interest not created. -- Subordination does not create a security interest as against either the common debtor or a subordinated creditor.

HISTORY: 2012, ch. 673, § 2.

                    
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