Section 1-507.54 - Effect of enforcement by secured partyA 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.N.C. Gen. Stat. § 1-507.54
Added by 2020 N.C. Sess. Laws 75,s. 1, eff. 1/1/2021.