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MAINE STATUTES AND CODES
11 §1-1310. Subordinated obligations
Title 11: UNIFORM COMMERCIAL CODE
Article 1-A: GENERAL PROVISIONS
Part 3: TERRITORIAL APPLICABILITY AND GENERAL RULES
§1-1310. 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. [2009, c. 325, Pt. A, §2 (NEW); 2009, c. 325, Pt. A, §4 (AFF).]
SECTION HISTORY
2009, c. 325, Pt. A, §2 (NEW). 2009, c. 325, Pt. A, §4 (AFF).