§1-1310. 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. [PL 2009, c. 325, Pt. A, §2 (NEW); PL 2009, c. 325, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 2009, c. 325, Pt. A, §2 (NEW). PL 2009, c. 325, Pt. A, §4 (AFF).
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Article 1-A: GENERAL PROVISIONS
Part 3: TERRITORIAL APPLICABILITY AND GENERAL RULES
11 §1-1301. Territorial applicability; parties' power to choose applicable law
11 §1-1302. Variation by agreement
11 §1-1303. Course of performance, course of dealing and usage of trade
11 §1-1304. Obligation of good faith
11 §1-1305. Remedies to be liberally administered
11 §1-1306. Waiver or renunciation of claim or right after breach
11 §1-1307. Prima facie evidence by 3rd-party documents
11 §1-1308. Performance or acceptance under reservation of rights