S.D. Codified Laws § 57A-1-310

Current through the 2024 Legislative Session
Section 57A-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.

SDCL 57A-1-310

SL 2008, ch 259, §24.