(This Section may contain text from a Public Act with a delayed effective date)

A request by a secured party for appointment of a receiver, the appointment of a receiver, or application by a secured party of receivership property or proceeds to the secured obligation does not:

1. (1) make the secured party a mortgagee in possession of real property;
2. (2) impose any duty on the secured party under Section 9-207 of the Uniform Commercial Code;
3. (3) make the secured party an agent of the owner;
4. (4) constitute an election of remedies that precludes a later action to enforce the secured obligation;
5. (5) make the secured obligation unenforceable; or
6. (6) limit any right available to the secured party with respect to the secured obligation.

(Source: P.A. 104-34, eff. 1-1-26.)