N.D. Cent. Code § 41-01-24
Current through 2024 Legislative Session
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.
N.D.C.C. § 41-01-24