Effect of Enforcement by Mortgagee

1. Law
2. Tennessee Code
3. Remedies and Special Proceedings
4. Uniform Commercial Real Estate Receivership Act
5. Effect of Enforcement by Mortgagee

1. 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; or
   6. Except as otherwise provided in subsection (b), bar a deficiency judgment pursuant to the law of this state, other than this chapter, governing or relating to a deficiency judgment.
2. If a receiver sells receivership property that pursuant to § 29-40-116(c) is free and clear of a lien, the ability of a creditor to enforce an obligation that had been secured by the lien is subject to the law of this state, other than this chapter, relating to a deficiency judgment.

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