Sec. 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.
Added by Acts 2003, 78th Leg., ch. 542, Sec. 1, eff. Sept. 1, 2003.
Section: Previous 1.201 1.202 1.203 1.204 1.205 1.206 1.301 1.302 1.303 1.304 1.305 1.306 1.307 1.308 1.309Last modified: September 28, 2016