2000 Minnesota Statutes

     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