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C is corrent because upon foreclosure, the first mortgagee has priority and must be paid in full before any payment is made to a subsequent mortgagee (second or third mortgagees).
A is incorrect because second mortgages are sometimes obtained for a short period of time and can be paid off before maturity without consent of the first mortgagee.
B is incorrect because default of the second mortgage does not constitute a default of the first mortgage.
D is incorrect because a second mortgagee remains a secured creditor in the bankruptcy proceedings although his interest is inferior to a first mortgagee. The doctrine of marshalling of assets may help a second mortgagee since it allows him to compel a first mortgagee to foreclose on other property available to the first mortgagee as security before foreclosing on property which a second mortgagee has a claim on.