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| Sussex, Inc. had given a first mortgage when it purchased its plant and warehouse. Sussex needed additional working capital. It decided to obtain financing by giving a second mortgage on the plant and warehouse. Which of the following statements is true with respect to the mortgages? A. If both mortgages are foreclosed, the first mortgage must be fully paid before paying the second mortgage. B. The second mortgagee may not pay off the first mortgage to protect its security. C. Default on payment of the second mortgage will constitute default on the first mortgage. D. The second mortgage may not be prepaid without the consent of the first mortgagee. |