Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/1-310

(810 ILCS 5/1-310)

Sec. 1-310. Subordinated obligations.

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.

(Source: P.A. 95-895, eff. 1-1-09.)