Section 11-1-209. Subordinated obligations

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An obligation may be issued as subordinated to payment of another obligation of the person obligated, or a creditor may subordinate his 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 Code section shall be construed as declaring the law as it existed prior to the enactment of this Code section and not as modifying it.

Code 1933, § 109A-1--209, enacted by Ga. L. 1978, p. 1081, § 7.

                    
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