33-2623. Effect of enforcement by mortgagee
A request by a mortgagee for appointment of a receiver, the appointment of a receiver or application by a mortgagee of receivership property or proceeds to the secured obligation does not:
1. Make the mortgagee a mortgagee in possession of the real property.
2. Make the mortgagee an agent of the owner.
3. Constitute an election of remedies that precludes a later action to enforce the secured obligation.
4. Make the secured obligation unenforceable.
5. Limit any right available to the mortgagee with respect to the secured obligation.