Washington Code 62A.1-310 – Subordinated obligations
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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.
[ 2012 c 214 § 124.]
NOTES:
Application—Savings—2012 c 214: See notes following RCW 62A.1-101.
Terms Used In Washington Code 62A.1-310
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080