Effect of enforcement.

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  • (1) make the assignee a purchaser in possession of the real property;
  • (2) make the assignee an agent of the assignor;
  • (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 assignee with respect to the secured obligation;
  • (6) limit, waive, or bar any foreclosure or power of sale remedy under the security instrument;
  • (7) violate Section 78B-6-901; or
  • (8) bar a deficiency judgment pursuant to any law of this state governing or relating to deficiency judgments following the enforcement of any encumbrance, lien, or security interest.




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