There has been no serious scholarship on subordination since a 1961 Yale Law Journal article which described subordination as then utilized and discussed how it applied in practice. Our recent Article updates and, in scope, goes beyond that earlier article, analyzing subordination not only from a functional but also from a theoretical perspective. The inquiry is important because subordinated debt has become universal, representing hundreds of billions of dollars of outstanding financing domestically and trillions worldwide … (more)
[Steven L Schwarcz and Isabelle Stewart, Oxford Business Law Blog, 30 September 2026]
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