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.
Structure Code of Alabama
Article 1 - General Provisions.
Part 3 - Territorial Applicability; Parties' Power to Choose Applicable Law.
Section 7-1-301 - Territorial Applicability; Parties' Power to Choose Applicable Law.
Section 7-1-302 - Variation by Agreement.
Section 7-1-303 - Course of Performance, Course of Dealing, and Usage of Trade.
Section 7-1-304 - Obligation of Good Faith.
Section 7-1-305 - Remedies to Be Liberally Administered.
Section 7-1-306 - Waiver or Renunciation of Claim or Right After Breach.
Section 7-1-307 - Prima Facie Evidence by Third-Party Documents.
Section 7-1-308 - Performance or Acceptance Under Reservation of Rights.