Ala. Code § 35-NEW

Current with legislation from 2024 effective through July 1, 2024.

Section 35-NEW - [Newly enacted section not yet numbered] [Effective 1/1/2025] Effect of enforcement by mortgagee

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 do any of the following:

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

(2) Make:

a. The mortgagee an agent of the owner, receiver, or mortgagor;

b. The owner an agent of the mortgagee, receiver, or mortgagor;

c. The receiver an agent of the mortgagee, owner, or mortgagor; or

d. The mortgagor an agent of the owner, mortgagee, or receiver.

(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.

Ala. Code § 35-NEW (1975)

Added by Act 2024-380,§ 25, eff. 1/1/2025.