Sec. 1-310. Subordinated obligations.
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/il/chapter-810/act-5/1-310A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1-310. 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.