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Code · Michigan · Chapter 440 — Uniform Commercial Code

440.1310 Subordination.

73 words·~1 min read·/mi/chapter-440/440-1310

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440.1310 Subordination.
Sec. 1310.
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.
History: Add. 2012, Act 86 , Eff. July 1, 2013
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