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North Carolina General Statutes Chapter 1. Civil Procedure § 1-507.54. Effect of enforcement by secured party

Current as of January 01, 2023 | Updated by Findlaw Staff

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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Cite this article: FindLaw.com - North Carolina General Statutes Chapter 1. Civil Procedure § 1-507.54. Effect of enforcement by secured party - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-1-civil-procedure/nc-gen-st-sect-1-507-54/

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