§ 1-507. 54. Effect of enforcement by secured party.

A request by a secured party for the appointment of a receiver, the appointment of a receiver, or application by a secured party of receivership property to the secured obligation does not do any of the following: (1)Make the secured party a mortgagee in possession of real property. (2)Impose any duty on the secured party under G.S. 25-9-207. (3)Make the secured party an agent or fiduciary of the debtor. (4)Constitute an election of remedies that precludes a later action to enforce the secured obligation. (5)Make the secured obligation unenforceable. (6)Limit any right available to the secured party with respect to the secured obligation. History: History.2020-75, s. 1.