State Codes and Statutes

Statutes > New-york > Ucc > Article-1 > Part-2 > 1-209

Section 1-209. Subordinated obligations.    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.

State Codes and Statutes

Statutes > New-york > Ucc > Article-1 > Part-2 > 1-209

Section 1-209. Subordinated obligations.    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.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Ucc > Article-1 > Part-2 > 1-209

Section 1-209. Subordinated obligations.    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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