109. Debts provable in Bankruptcy

rely on the security, while leaving the property in the possession or control of the Bankruptcy

enforce the security, where the secured creditor is entitled to do so; or

surrender the property subject to the security to the Bankruptcy Trustee for the benefit of the creditors as a whole and claim as an unsecured creditor for the whole debt.

any debt owing to the grantee of any fixed security over any part of the property that ranks prior to the secured creditor’s fixed security, determined as at the commencement of the Bankruptcy; and

the full amount of the debt, determined as at the commencement of the Bankruptcy.

to exercise the option referred to in paragraph (b) of subsection (4) or the option referred to in paragraph (c) of subsection (4); and

if the creditor elects to exercise the option referred to in paragraph (b) of subsection (6), to do so within that period.

is to be taken as having surrendered the property subject to the security to the Bankruptcy Trustee for the benefit of the creditors as a whole; and

may claim as an unsecured creditor for the whole debt.