47-1310. Subordinated obligation
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. Subordination does not create a security interest as against either the common debtor or a subordinated creditor.
Section: Previous 47-1303 47-1304 47-1305 47-1306 47-1307 47-1308 47-1309 47-1310 47-2101 47-2102 47-2103 47-2104 47-2105 47-2106 47-2107 NextLast modified: October 13, 2016