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