Commonwealth Numbered Acts Commonwealth Numbered Acts( 1) A secured party may (in a security agreement or otherwise) subordinate the secured party's security interest in collateral to any other interest in the collateral.
(2) An agreement to subordinate a security interest:
(a) is effective according to its terms between the parties; and
(b) may be enforced by a third party if the third party is the person, or one of a class of persons, for whose benefit the agreement is intended.