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. Such a subordination does not create a security interest as against either the common debtor or a subordinated creditor.
History. Code 1981, § 11-1-310 , enacted by Ga. L. 2015, p. 996, § 3A-1/SB 65.
Structure Georgia Code
Article 1 - General Provisions
Part 3 - Territorial Applicability and General Rules
§ 11-1-301. Territorial Applicability; Parties’ Power to Choose Applicable Law
§ 11-1-302. Variation by Agreement
§ 11-1-303. Course of Performance, Course of Dealing, and Usage of Trade
§ 11-1-304. Obligation of Good Faith
§ 11-1-305. Remedies to Be Liberally Administered
§ 11-1-306. Waiver or Renunciation of Claim or Right After Breach
§ 11-1-307. Prima-Facie Evidence by Third Party Documents
§ 11-1-308. Performance or Acceptance Under Reservation of Rights