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

TN Code § 29-40-125 (2019) (N/A)
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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.

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§ 29-40-124. Receivership in another state -- Ancillary proceeding.
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§ 29-40-126. Uniformity of application and construction.