A request by a secured party for the appointment of a receiver, the appointment of a receiver, or application by a secured party of receivership property to the secured obligation does not do any of the following:

(1)        Make the secured party a mortgagee in possession of real property.

(2)        Impose any duty on the secured party under N.C. Gen. Stat. § 25-9-207.

(3)        Make the secured party an agent or fiduciary of the debtor.

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

(5)        Make the secured obligation unenforceable.

(6)        Limit any right available to the secured party with respect to the secured obligation. ?(2020-75, s. 1.)

Terms Used In North Carolina General Statutes 1-507.54

  • Fiduciary: A trustee, executor, or administrator.
  • following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
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