If you post an entry as friends-only and your friend then lists that post as a public memory, anyone who looks at your friend's memory list will see that there is a memory and the description given to that memory. However, if they are not someone who you had given access to the post itself then they will see "Error - You are not authorized to view this protected entry." when they click on that memory.
In other words, your posts always retain the security level that you set for them, no matter who sets what security level for it as a memory.
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