MCL - Section 440.1310

UNIFORM COMMERCIAL CODE (EXCERPT)
Act 174 of 1962


440.1310 Subordination.

Sec. 1310.

    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: Add. 2012, Act 86, Eff. July 1, 2013