A secured creditor can waive its security and elect to proceed as an unsecured creditor for the entire debt owed.

Name: A secured creditor can waive its security and elect to proceed as an unsecured creditor for the entire debt owed.
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A secured creditor has the option to waive its security interest in the collateral and proceed as an unsecured creditor, often to participate in any distribution of the debtor's assets on an equal footing with other unsecured creditors or for strategic reasons.

A Secured Creditor Can Waive Its Security and Elect to Proceed