2006 New York Code - Subordinated Obligations

 
  Section 1-209. Subordinated obligations.
    An  obligation  may  be  issued  as subordinated to payment of another
  obligation of the person obligated, or a creditor  may  subordinate  his
  right  to  payment  of an obligation by agreement with either the person
  obligated  or  another  creditor  of  the  person  obligated.   Such   a
  subordination  does not create a security interest as against either the
  common  debtor  or  a  subordinated  creditor.  This  section  shall  be
  construed  as  declaring the law as it existed prior to the enactment of
  this section and not as modifying it.