336.1-209 Subordinated obligations.
An obligation may be issued as subordinated to payment of another obligation of the person obligated, or a creditor may subordinate the creditor's right to payment of an obligation by agreement with either the person obligated or another creditor of the person obligated. Such a subordination does not create a security interest as against either the common debtor or a subordinated creditor. This section shall be construed as declaring the law as it existed prior to the enactment of this section and not as modifying it.
HIST: 1969 c 621 s 5; 1986 c 444
Official Publication of the State of Minnesota
Revisor of Statutes