Section 336.1-310 Subordinated Obligations
336.1-310 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:
2004 c 162 art 1 s 25