If the first and second mortgagees so desire,they may surrender their security to the trustee,and claim as unsecured creditors in the bankruptcy.

Name: If the first and second mortgagees so desire,they may surrender their security to the trustee,and claim as unsecured creditors in the bankruptcy.
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Question

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This statement is true. If the first and second mortgagees choose to surrender their security to the trustee, they can then become unsecured creditors in the bankruptcy proceedings.

If the First and Second Mortgagees So Desire,they May Surrender