§ 78B-21-125 — Effect of enforcement by mortgagee.

Utah § 78B-21-125

• Jurisdiction: Utah
• Title 78B: Judicial Code
• Ch. 78B-21: Uniform Commercial Real Estate Receivership Act

Text

(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:

(1)(a) make the mortgagee a mortgagee in possession of the real property;
(1)(b) make the mortgagee an agent of the owner;
(1)(c) constitute an election of remedies that precludes a later action to enforce the secured obligation;
(1)(d) make the secured obligation unenforceable;
(1)(e) limit any right available to the mortgagee with respect to the secured obligation;
(1)(f) constitute an action within the meaning of Section 78B-6-901; or
(1)(g) except as otherwise provided in Subsection (2), bar a deficiency judgment pursuant to law of this state other than this chapter governing or relating to a deficiency judgment.
(2) If a receiver sells receivership property that pursuant to Subsection 78B-21-116(3) 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 the state other than this chapter relating to a deficiency judgment.

Legislative History

Enacted by Chapter 431, 2017 General Session