There is a newer version of the New Mexico Statutes
2011 New Mexico Statutes
Chapter 55: Uniform Commercial Code
Article 1: General Provisions, 55-1-101 through 55-1-310
Section 55-1-310: Subordinated obligations.
NM Stat § 55-1-310 (1996 through 1st Sess 50th Legis) What's This?
55-1-310. 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.
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