Section 45.01.310. Subordinated obligations.

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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.

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(Sec. 9 ch 44 SLA 2009)

                    
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