TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 1

UNIFORM COMMERCIAL CODE — GENERAL PROVISIONS

PART 3.

TERRITORIAL APPLICABILITY AND GENERAL RULES

28-1-310.  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.

History:

[28-1-310, added 2004, ch. 43, sec. 28, p. 152.]