(a) 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.
(b) Subordination does not create a security interest as against either the common debtor or a subordinated creditor.
Structure Maryland Statutes
Subtitle 3 - Territorial Applicability and Applicable Law
Section 1-301 - Territorial Applicability; Parties' Power to Choose Applicable Law
Section 1-302 - Variation by Agreement
Section 1-303 - Course of Performance, Course of Dealing, and Usage of Trade
Section 1-304 - Obligation of Good Faith
Section 1-305 - Remedies to Be Liberally Administered
Section 1-306 - Waiver or Renunciation of Claim or Right After Breach
Section 1-307 - Prima Facie Evidence by Third Party
Section 1-308 - Performance or Acceptance Under Reservation of Rights