45. Voluntary subordination

A secured party may, by a security agreement or by a separate agreement entered into between the competing claimants, subordinate the secured party’s security right to any other interest and such subordination shall be effective according to its terms.

A subordination shall be effective according to its terms between the parties and may be enforced by a third party, if the third party is the person or one of the class of persons for whose benefit the subordination was intended.