Legislation

Search OpenLegislation Statutes
This entry was published on 2014-12-26
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 1-310
Subordinated Obligations
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 1, PART 3
Section 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.