New York Uniform Commercial Code Law Section 1-310 - Subordinated Obligations.

Section 1--310. Subordinated Obligations.
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.

Last modified: February 3, 2019