Section 1-310: Subordinated Obligations
[Text of section applicable as provided by 2013, 30, Sec. 116.]
Section 1-310. 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.