Sec. 1310.
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.
History: Add. 2012, Act 86, Eff. July 1, 2013
Last modified: October 10, 2016