Go to previous versions
of
this Section
2021 Tennessee Code
Title 29 - Remedies and Special Proceedings
Chapter 40 - Uniform Commercial Real Estate Receivership Act
§ 29-40-125. Effect of Enforcement by Mortgagee
Universal Citation: TN Code § 29-40-125 (2021)
- 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:
- Make the mortgagee a mortgagee in possession of the real property;
- Make the mortgagee an agent of the owner;
- Constitute an election of remedies that precludes a later action to enforce the secured obligation;
- Make the secured obligation unenforceable;
- Limit any right available to the mortgagee with respect to the secured obligation; or
- 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.
- 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.
Disclaimer: These codes may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
