Court Opinions

State Laws

US Code

US Constitution

Subordinated obligations - 13 Pa. Cons. Stat. § 1209

Legal Research Home > Pennsylvania Statutes

     § 1209.  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 section shall be construed as
     declaring the law as it existed prior to the effective date of
     this section and not as modifying it.
     (May 22, 1996, P.L.248, No.44, eff. 180 days)

        1996 Amendment.  Act 44 added section 1209.

Last modified: November 27, 2007