§ 8.1A-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.
(2003, c. 353.)
Sections: Previous 8.1A-301 8.1A-302 8.1A-303 8.1A-304 8.1A-305 8.1A-306 8.1A-307 8.1A-308 8.1A-309 8.1A-310Last modified: April 3, 2009