70A-1a-310 - Subordinated obligations.
70A-1a-310. Subordinated obligations.
An obligation may be issued as subordinated to performance of another obligation of theperson obligated, or a creditor may subordinate its right to performance of an obligation byagreement 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 asubordinated creditor.
Enacted by Chapter 272, 2007 General Session