(a)
Except as provided in subsection
(b) or
(c) of
this section, an
entity that is liable with the
debtor on, or that has secured, a
claim of a
creditor against the
debtor, and that pays such
claim, is subrogated to the rights of such
creditor to the extent of such payment.
(b)
Such
entity is not subrogated to the rights of such
creditor to the extent that—
(1)
a
claim of such
entity for reimbursement or contribution on account
of such payment of such
creditor's
claim is—
(A)
allowed under section
502 of this title;
(B)
disallowed other than under section
502(e) of this title; or
(C)
subordinated under section
510 of this title; or
(2)
as between the
debtor and such
entity, such
entity received the consideration for the
claim held by such
creditor.
(c)
The court shall subordinate to the
claim of a
creditor and for the benefit of such
creditor an allowed
claim, by way of subrogation under this section, or
for reimbursement or contribution, of an
entity that is liable with the
debtor on, or that has secured, such
creditor's
claim, until such
creditor's
claim is paid in full, either through payments under
this title or otherwise.
(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2585; Pub.
L. 98-353, title III, § 450, July 10, 1984, 98 Stat.
375.)
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