Effect of enforcement by secured party.

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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.



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