A.R.S. § 44-615: Claim subordination

A. A subordination agreement is enforceable under this chapter to the same extent the agreement is enforceable under other law.

B. Subject to subsection C of this section, the following claims are subordinate to a claim or interest that is senior or equal in priority to a claim or interest represented by a security or other equity interest in the assignor or an affiliate of the assignor:

1. A claim arising from rescission of a purchase or sale of the security or other equity interest.

2. A claim for damages arising from the purchase or sale of the security or other equity interest.

3. A claim for reimbursement or contribution allowed on account of the rescission or damage claim.

C. If the security is common stock or another common equity interest, a claim subject to subordination under subsection B of this section has the same priority as common stock or another common equity interest.