Corpus

Subordinated obligations.

Miss. Code Ann. § 75-1-310
in effect
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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.