N.M. Stat. § 55-1-310
Subordinated obligations.
An obligation may be issued as subordinated to performance of another obligation of
the person obligated, or a creditor may subordinate its right to performance of an
obligation by agreement with either the person obligated or another creditor of the
person obligated. Subordination does not create a security interest as against either the
common debtor or a subordinated creditor.