§ 32.360 — Effect of enforcement by mortgagee

1. A request by a mortgagee for the appointment of a receiver, the appointment of a receiver or the 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;
(f) Constitute an action within the meaning of subsection 1 of NRS 40.430 ; or
(g) Except as otherwise provided in subsection 2, bar a deficiency judgment pursuant to law of this State other than NRS 32.100 to 32.370 , inclusive, governing or relating to a deficiency judgment.
2. If a receiver sells receivership property that pursuant to subsection 2 of NRS 32.315 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 NRS 32.100 to 32.370 , inclusive, relating to a deficiency judgment.

Legislative History

(Added to NRS by 2017, 1233 )