Secured creditor voting rights: security value reduces voting entitlement unless security is surrendered or deemed waived.

A secured creditor who does not surrender security must state in his proof or lodge a statement before the meeting the particulars, date and assessed value of the security, and may vote only for the balance due after deducting that assessed value; voting for the whole debt without valuing the security is deemed a surrender, except where inadvertence is shown.

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