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Georgia Commercial Code - Title 11, Section 11-1-209

Legal Research Home > Atlanta Lawyer > Commercial Code > Georgia Commercial Code - Title 11, Section 11-1-209

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Subordinated obligations

An obligation may be issued as subordinated to payment of another obligation of the person obligated, or a creditor may subordinate his right to payment of an obligation by agreement with either the person obligated or another creditor of the person obligated. Such a subordination does not create a security interest as against either the common debtor or a subordinated creditor. This Code section shall be construed as declaring the law as it existed prior to the enactment of this Code section and not as modifying it.

Last modified: May 3, 2006