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.
Haw. Rev. Stat. § 490:1-310
Subordinated obligations
Known as the Uniform Commercial Code
The act spans §§ 490:10-101 to 490:9-809 (641 sections).
L 2004, c 162, pt of §1
Official source: Hawaii State Legislature. Reproduced from public-domain Hawaii statutes; confirm against the official source for the current text. Not legal advice.