Proceeds from the disposition of collateral after default on the underlying debt are distributed equally among lienholders who have made demands.

Name: Proceeds from the disposition of collateral after default on the underlying debt are distributed equally among lienholders who have made demands.
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Question

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Proceeds from the disposition of collateral are distributed according to the priority of liens, not equally. Senior lienholders are paid first before junior lienholders.

Proceeds from the Disposition of Collateral After Default on the Underlying