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Georgia State Code
Title      11
Chapter       1  
Section Navigation   101 ... 201         202 ... 209     
Section<<< 202 203 204 205 206 207 208 209  
Title 11, Chapter 1, Section 209 (11-1-209)
Subordinated obligations.

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.

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