Texas Property Code 64.057 – Effect of Enforcement
Terms Used In Texas Property Code 64.057
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
The enforcement of an assignment of rents by a method provided by § 64.054 or 64.055, the application of proceeds by the assignee under § 64.059 after enforcement, the payment of expenses under § 64.058, or an action under § 64.060 does not:
(1) make the assignee a mortgagee in possession of the real property from which the rents arise;
(2) make the assignee an agent of the assignor;
(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 assignee with respect to the secured obligation; or
(6) bar a deficiency judgment under any law of this state governing or relating to deficiency judgments following the enforcement of any encumbrance, lien, or security interest.