§ 310 - Open time for payment or running of credit; authority to ship under reservation
§ 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. (Added 2007, No. 99 (Adj. Sess.), § 2.)