§ 55-21-25

W. Va. Code § 55-21-25

Effect of enforcement by mortgagee.

  1. (a) 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;
    5. (5) Limit any right available to the mortgagee with respect to the secured obligation; or
    6. (6) Except as otherwise provided in subsection (b), bar a deficiency judgment pursuant to law of this state other than this article governing or relating to a deficiency judgment.
  2. (b) If a receiver sells receivership property that pursuant to §55-10-16(c) of this code is free and clear of a lien, the ability of a creditor to enforce an obligation that had been secured by the lien is subject to law of this state other than this article relating to a deficiency judgment.
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