1. 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: a. Make the mortgagee a mortgagee in possession of the real property; b. Make the mortgagee an agent of the owner; c. Constitute an election of remedies that precludes a later action to enforce the secured obligation; d. Make the secured obligation unenforceable; e. Limit any right available to the mortgagee with respect to the secured obligation; or f. Except as otherwise provided in subsection 2, bar a deficiency judgment in accordance with any other provision of law governing or relating to a deficiency judgment.

2. If a receiver sells receivership property that under subsection 3 of section 32-10.1-15 is free of a lien, the ability of a creditor to enforce an obligation that had been secured by the lien is subject to the law of this state other than this chapter relating to a deficiency judgment.