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.