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.
NRS 104.1310
Subordinated obligations
Known as the Uniform Commercial Code
The act spans §§ 104–104 (489 sections).
(Added to NRS by 2005, 833)
Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.