N.Y. U.C.C. 1-310

Section 1--310. Subordinated Obligations.\n An obligation may be issued as subordinated to performance of another\nobligation of the person obligated, or a creditor may subordinate its\nright to performance of an obligation by agreement with either the\nperson obligated or another creditor of the person obligated.\nSubordination does not create a security interest as against either the\ncommon debtor or a subordinated creditor.\n