North Dakota Statutes
§ 41-01-24 — (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 the creditor's 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.
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Nearby Sections
15
§ 41-01-01
(1-101) Short titles§ 41-01-02
(1-102) Scope of chapter§ 41-01-05
(1-105) Severability§ 41-01-07
(1-107) Section captions§ 41-01-09
(1-201) General definitions§ 41-01-10
(1-202) Notice - Knowledge§ 41-01-12
(1-204) Value§ 41-01-13
(1-205) Reasonable time - Seasonableness§ 41-01-14
(1-206) Presumptions