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. History of Section.P.L. 2007, ch. 19, § 4; P.L. 2007, ch. 34, § 4.
Rhode Island Legal Code