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:

1. (1) Make the mortgagee a mortgagee in possession of the real property;
2. (2) Make the mortgagee an agent of the owner;
3. (3) Constitute an election of remedies that precludes a later action to enforce the secured obligation;
4. (4) Make the secured obligation unenforceable; or
5. (5) Limit any right available to the mortgagee with respect to the secured obligation.

(P.A. 21-80, S. 25; P.A. 22-26, S. 64.)

History: P.A. 21-80 effective July 1, 2022; P.A. 22-26 changed effective date of P.A. 21-80, S. 25, from July 1, 2022, to July 1, 2023, effective May 10, 2022.