A creditor holding a security is not affected by the bankruptcy proceedings in so far as his security covers his claim; that is to say, to that extent he does not have a provable claim and is not affected by the bankrupt's discharge.155
154. 267 Fed. 817.
He may waive his security, although this usually would not be the profitable thing for him to do.
If his claim is not fully secured he is to that extent to be treated as other creditors.
If one has a lien by the state law not dissolved by the bankruptcy proceeding, he is protected in the collection of his claim to the extent of his lien.
All liens which are not dissolved by the bankruptcy proceedings are not affected by the proceedings.