§ 6A-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.
(P.L. 2007, ch. 19, § 4; P.L. 2007, ch. 34, § 4.)