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.
Source: L. 2006: Entire article R&RE, p. 469, � 1, effective September 1.
Editor's note: This section is similar to former � 4-1-209 as it existed prior to 2006.