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. (1967, c. 562, s. 1; 2006-112, s. 1.)
Sections: Previous 25-1-303 25-1-304 25-1-305 25-1-306 25-1-307 25-1-308 25-1-309 25-1-310 25-2-101 25-2-102 25-2-103 25-2-107 25-2-201 25-2-202 25-2-203 Next
Last modified: March 23, 2014