§1-1310. Subordinated obligations

Link to law: http://legislature.maine.gov/legis/statutes/11/title11sec1-1310.html
Published: 2015

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§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. [2009, c. 325, Pt. A, §2 (NEW); 2009, c. 325, Pt. A, §4 (AFF).]





SECTION HISTORY

2009, c. 325, Pt. A, §2 (NEW).
2009, c. 325, Pt. A, §4 (AFF).