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2018 Indiana Code
TITLE 26. Commercial Law
ARTICLE 1. UNIFORM COMMERCIAL CODE
CHAPTER 1. General Provisions
26-1-1-302. Subordination
Universal Citation: IN Code § 26-1-1-302 (2018)
IC 26-1-1-302 Subordination
Sec. 302. (1) An obligation may be issued as subordinated to performance of another obligation of the person obligated, or a creditor may subordinate the creditor's right to performance of an obligation by agreement with either the person obligated or another creditor of the person obligated.
(2) Subordination does not create a security interest as against either the common debtor or a subordinated creditor.
As added by P.L.143-2007, SEC.6.
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