Alabama § 6-6-804 Effect of Enforcement by Mortgagee

Alabama Statutes

§ 6-6-804 — Effect of Enforcement by Mortgagee

Alabama·Title 6 Civil Practice·Ch. 6 Remedies·Art. 18 Alabama Uniform Commercial Real Estate Receivership Act

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

(2)Make: a. The mortgagee an agent of the owner, receiver, or mortgagor; b. The owner an agent of the mortgagee, receiver, or mortgagor; c. The receiver an agent of the mortgagee, owner, or mortgagor; or d. The mortgagor an agent of the owner, mortgagee, or receiver.

(3)Constitute an election of remedies that precludes a later action to enforce the secured obligation.

(4)Make the secured obligation unenforceable.

(5)Limit any right available to the mortgagee with respect to the secured obligation.

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

Alabama § 6-6-804 (Effect of Enforcement by Mortgagee) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.