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
Structure Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
Article 1 - General Provisions (440.1101...440.1310)
174-1962-1-3 - Part 3 Territorial Applicability and General Rules (440.1301...440.1310)
Section 440.1302 - Agreements; "Unless Otherwise Agreed"; Implication.
Section 440.1303 - Course of Performance, Course of Dealing, or Usage of Trade.
Section 440.1304 - Good Faith Obligation.
Section 440.1305 - Administration of Remedies; Enforcement of Right or Obligation.
Section 440.1306 - Claim or Right Arising Out of Alleged Breach; Discharge.
Section 440.1307 - Prima Facie Evidence of Certain Documents.