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A right of separate satisfaction may be exercised without going through bankruptcy proceedings.
If property that is the subject matter of a security interest (meaning a special statutory lien, pledge, or mortgage; the same applies below in this paragraph) no longer belongs to the bankruptcy estate due to sale by private contract by a bankruptcy trustee or for any other reason, the person that has the security interest may also have a right of separate satisfaction over the property that is the subject matter of the security interest if it still exists.
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