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General Laws

[ Text of section effective until July 1, 2013. Repealed by 2013, 30, Sec. 2 applicable as provided by 2013, 30, Sec. 116.]

  Section 1-209. An obligation may be issued as subordinated to payment of another obligation of the person obligated, or a creditor may subordinate his right to payment of an obligation by agreement with either the person obligated or another creditor of the person obligated. Such a subordination does not create a security interest as against either the common debtor or a subordinated creditor. This section shall be construed as declaring the law as it existed prior to the enactment of this section and not as modifying it.

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