Tennessee § 29-40-125 Effect of enforcement by mortgagee

Tennessee Statutes

§ 29-40-125 — Effect of enforcement by mortgagee

Tennessee § 29-40-125

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This text of Tennessee § 29-40-125 (Effect of enforcement by mortgagee) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 29-40-125 (2026).

Text

(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)Make the mortgagee a mortgagee in possession of the real property;

(2)Make the mortgagee an agent of the owner;

(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; or (6) Except as otherwise provided in subsection (b), bar a deficiency judgment pursuant to the law of this state, other than this chapter, governing or relating to a deficiency judgment.

(b)If a receiver sells receivership property that pursuant to

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(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) Make the mortgagee a mortgagee in possession of the real property; (2) Make the mortgagee an agent of the owner; (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; or (6) Except as otherwise provided in subsection (b), bar a deficiency judgment pursuant to the law of this state, other than this chapter, governing or relating to a deficiency judgment. (b) If a receiver sells receivership property that pursuant to § 29-40-116(c) 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 the law of this state, other than this chapter, relating to a deficiency judgment.