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 do any of the following:

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

2. (2) Make:

   1. a. The mortgagee an agent of the owner, receiver, or mortgagor;
   2. b. The owner an agent of the mortgagee, receiver, or mortgagor;
   3. c. The receiver an agent of the mortgagee, owner, or mortgagor; or
   4. d. The mortgagor an agent of the owner, mortgagee, or receiver.
3. (3) Constitute an election of remedies that precludes a later action to enforce the secured obligation.
4. (4) Make the secured obligation unenforceable.
5. (5) Limit any right available to the mortgagee with respect to the secured obligation.

(Act 2024-380, §25.)