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.
Miss. Code Ann. § 75-1-310
Subordinated obligations
Known as the Uniform Commercial Code
The act spans §§ 75–75 (480 sections).
Sources: Laws, 2010, ch. 506, § 3, eff from and after July 1, 2010.
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.