Tennessee Subordination Agreement - Real Estate
Category:
State:
Multi-State
Control #:
US-RE-S-1025-2
Format:
Word;
Rich Text
Instant download
Description
A subordination agreement prioritizes collateralized debts, ranking one behind another for purposes of collecting repayment from a debtor in the event of foreclosure or bankruptcy. A second-in-line creditor collects only when and if the priority creditor has been fully paid. This agreement allows one lien holder to subordinate its deed of trust to the lien of another lien holder. For valuable consideration, a particular deed of trust will at all times be prior and superior to the subordinate lien.
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