Michigan Compiled Laws, Chapter 554. Real and Personal Property § 554.1035

(a) Make the secured party a mortgagee in possession of the real property.

(b) Impose any duty on the secured party under section 9207 of the uniform commercial code, 1962 PA 174, MCL 440.9207.

(c) Make the secured party an agent of the owner.

(d) Constitute an election of remedies that precludes a later action to enforce the secured obligation.

(e) Make the secured obligation unenforceable.

(f) Limit any right available to the secured party with respect to the secured obligation.

(g) Constitute an action within the meaning of section 3204(1)(b) of the revised judicature act of 1961, 1961 PA 236, MCL 600.3204.