8.1A-310 - A-310. Subordinated obligations. - Virginia Statutes

§ 8.1A-310. Subordinated obligations.

An obligation may be issued as subordinated to performance of anotherobligation of the person obligated, or a creditor may subordinate its rightto performance of an obligation by agreement with either the person obligatedor another creditor of the person obligated. Subordination does not create asecurity interest as against either the common debtor or a subordinatedcreditor.

(2003, c. 353.)